Naples Global Advisors LLC Decreases Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Naples Global Advisors LLC reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 9.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 80,030 shares of the bank’s stock after selling 8,333 shares during the period. Naples Global Advisors LLC’s holdings in Canadian Imperial Bank of Commerce were worth $5,111,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. boosted its position in Canadian Imperial Bank of Commerce by 14.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock valued at $652,676,000 after buying an additional 1,305,665 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of Canadian Imperial Bank of Commerce in the third quarter worth about $62,849,000. Public Sector Pension Investment Board lifted its stake in shares of Canadian Imperial Bank of Commerce by 32.0% in the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after acquiring an additional 900,575 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Canadian Imperial Bank of Commerce by 23.3% in the third quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock valued at $195,561,000 after purchasing an additional 601,234 shares during the last quarter. Finally, CIBC Asset Management Inc grew its stake in Canadian Imperial Bank of Commerce by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after purchasing an additional 375,837 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CM has been the topic of a number of recent analyst reports. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $61.72 on Thursday. Canadian Imperial Bank of Commerce has a 52 week low of $43.86 and a 52 week high of $67.45. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $58.16 billion, a price-to-earnings ratio of 11.54, a PEG ratio of 1.64 and a beta of 1.05. The stock has a 50 day moving average of $63.62 and a 200-day moving average of $61.01.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were issued a $0.6912 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date of this dividend was Friday, December 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s payout ratio is currently 51.21%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.