Metis Global Partners LLC Lowers Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Metis Global Partners LLC trimmed its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 9.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,079 shares of the bank’s stock after selling 5,423 shares during the quarter. Metis Global Partners LLC’s holdings in Canadian Imperial Bank of Commerce were worth $3,231,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in Canadian Imperial Bank of Commerce by 14.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock valued at $652,676,000 after purchasing an additional 1,305,665 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at approximately $62,849,000. Public Sector Pension Investment Board raised its stake in 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 valued at $228,043,000 after purchasing an additional 900,575 shares in the last quarter. Alberta Investment Management Corp raised its stake in Canadian Imperial Bank of Commerce by 74.4% in the fourth quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank’s stock valued at $99,450,000 after purchasing an additional 671,028 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake 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 in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Up 1.1 %

Shares of NYSE CM opened at $60.55 on Friday. Canadian Imperial Bank of Commerce has a one year low of $46.50 and a one year high of $67.45. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm’s 50 day simple moving average is $62.48 and its two-hundred day simple moving average is $61.92. The stock has a market capitalization of $57.06 billion, a P/E ratio of 11.32, a PEG ratio of 1.62 and a beta of 1.05.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared 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 4.44%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s payout ratio is currently 47.67%.

Wall Street Analysts Forecast Growth

CM has been the topic of a number of recent analyst reports. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their target price for the company 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 note on Friday, February 14th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $92.00.

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.