Canadian Imperial Bank of Commerce (NYSE:CM) Stock Position Cut by Intact Investment Management Inc.

Intact Investment Management Inc. lessened its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 10.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,560,123 shares of the bank’s stock after selling 184,340 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 3.4% of Intact Investment Management Inc.’s investment portfolio, making the stock its 3rd biggest holding. Intact Investment Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $98,676,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Crews Bank & Trust purchased a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth about $25,000. SBI Securities Co. Ltd. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth about $30,000. IFP Advisors Inc grew its stake 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 acquiring an additional 404 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth about $44,000. Finally, Versant Capital Management Inc grew 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 worth $46,000 after acquiring an additional 663 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $55.07 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month high of $67.45. The company’s 50 day moving average is $61.24 and its 200 day moving average is $62.09. The company has a market cap of $51.90 billion, a PE ratio of 10.29, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be given a $0.6723 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 annualized dividend and a yield of 4.88%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 48.03%.

Wall Street Analyst Weigh In

CM has been the topic of a number of research analyst reports. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, February 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price 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.