Invesco Ltd. Cuts Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Invesco Ltd. lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,404,052 shares of the bank’s stock after selling 50,297 shares during the period. Invesco Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $152,008,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Crews Bank & Trust bought a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at $25,000. SBI Securities Co. Ltd. purchased a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at about $30,000. Sandy Spring Bank bought a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $32,000. IFP Advisors Inc boosted its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% during the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after purchasing an additional 404 shares during the period. Finally, BNP Paribas Financial Markets bought a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter worth about $44,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $57.12 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $46.50 and a 1 year high of $67.45. The firm has a 50-day moving average of $58.45 and a 200 day moving average of $61.64. The company has a market cap of $53.69 billion, a P/E ratio of 10.68, a PEG ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a $0.6723 dividend. This represents a $2.69 annualized dividend and a dividend yield of 4.71%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 48.03%.

Analyst Ratings Changes

A number of research analysts have commented on CM shares. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Friday, April 4th. Royal Bank of Canada upgraded 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 report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

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.