TD Private Client Wealth LLC Trims Position in Canadian Imperial Bank of Commerce (NYSE:CM)

TD Private Client Wealth LLC lessened its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 52.5% in the fourth quarter, Holdings Channel reports. The fund owned 18,787 shares of the bank’s stock after selling 20,780 shares during the quarter. TD Private Client Wealth LLC’s holdings in Canadian Imperial Bank of Commerce were worth $1,188,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. increased its position in Canadian Imperial Bank of Commerce by 1.1% during 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 during the last quarter. JPMorgan Chase & Co. increased its position in Canadian Imperial Bank of Commerce by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after acquiring an additional 334,545 shares during the last quarter. Geode Capital Management LLC increased its position in Canadian Imperial Bank of Commerce by 8.6% during the third quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock valued at $262,598,000 after acquiring an additional 336,854 shares during the last quarter. Public Sector Pension Investment Board increased its position in Canadian Imperial Bank of Commerce by 32.0% during 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 acquiring an additional 900,575 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Canadian Imperial Bank of Commerce by 23.3% during 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 acquiring an additional 601,234 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, February 14th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.2 %

NYSE CM opened at $56.77 on Friday. The stock’s 50-day moving average price is $60.51 and its 200-day moving average price is $62.13. 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 52 week low of $46.50 and a 52 week high of $67.45. The company has a market capitalization of $53.36 billion, a P/E ratio of 10.61, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

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