Avantax Advisory Services Inc. Sells 599 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Avantax Advisory Services Inc. reduced its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 20,598 shares of the bank’s stock after selling 599 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,302,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Crews Bank & Trust bought a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $25,000. SBI Securities Co. Ltd. bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at approximately $30,000. IFP Advisors Inc lifted its holdings in Canadian Imperial Bank of Commerce by 318.1% in the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after buying an additional 404 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $44,000. Finally, Versant Capital Management Inc increased its stake in shares of Canadian Imperial Bank of Commerce by 1,069.4% during the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock valued at $46,000 after buying an additional 663 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on CM shares. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $56.76 on Wednesday. Canadian Imperial Bank of Commerce has a 12-month low of $46.50 and a 12-month high of $67.45. The company has a market cap of $53.36 billion, a price-to-earnings ratio of 10.61, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. 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 stock has a fifty day simple moving average of $60.87 and a two-hundred day simple moving average of $62.19.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be given a dividend of $0.6723 per share. The ex-dividend date is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.74%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 48.03%.

About Canadian Imperial Bank of Commerce

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.