Grantham Mayo Van Otterloo & Co. LLC Lowers Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Grantham Mayo Van Otterloo & Co. LLC lowered its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 74.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 68,062 shares of the bank’s stock after selling 198,234 shares during the period. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Canadian Imperial Bank of Commerce were worth $4,304,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in CM. Crews Bank & Trust purchased a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth about $25,000. SBI Securities Co. Ltd. acquired a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $30,000. Sandy Spring Bank purchased a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $32,000. IFP Advisors Inc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% in the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock valued at $34,000 after buying an additional 404 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at approximately $44,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CM shares. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Friday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Trading Down 3.6 %

Shares of CM stock opened at $56.79 on Monday. The stock has a market cap of $53.39 billion, a P/E ratio of 10.62, a P/E/G ratio of 1.62 and a beta of 0.98. 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 has a fifty-two week low of $46.50 and a fifty-two week high of $67.45. The business has a fifty day simple moving average of $59.43 and a 200-day simple moving average of $61.92.

Canadian Imperial Bank of Commerce Cuts Dividend

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

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.