Canadian Imperial Bank of Commerce (NYSE:CM) Position Cut by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. decreased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.7% in the 4th quarter, Holdings Channel reports. The firm owned 2,396,332 shares of the bank’s stock after selling 67,630 shares during the period. Canadian Imperial Bank of Commerce accounts for about 2.9% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 10th biggest holding. Letko Brosseau & Associates Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $151,508,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in Canadian Imperial Bank of Commerce by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank’s stock valued at $2,491,431,000 after acquiring an additional 749,843 shares during the last quarter. TD Asset Management Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 3.7% during the fourth quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank’s stock worth $1,492,138,000 after purchasing an additional 851,164 shares during the period. FIL Ltd increased its stake in Canadian Imperial Bank of Commerce by 53.6% in the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank’s stock valued at $783,613,000 after buying an additional 4,321,451 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank’s stock valued at $679,613,000 after acquiring an additional 115,884 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth about $570,477,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Wednesday, April 30th. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Trading Down 0.3%

Shares of Canadian Imperial Bank of Commerce stock opened at $63.55 on Monday. The business’s fifty day moving average is $58.53 and its two-hundred day moving average is $61.64. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.99 and a fifty-two week high of $67.45. The firm has a market cap of $59.75 billion, a PE ratio of 11.88, a P/E/G ratio of 1.62 and a beta of 1.06. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 28th. Investors of record on Friday, March 28th were given a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.23%. The ex-dividend date was Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 48.03%.

Canadian Imperial Bank of Commerce 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.