Canadian Imperial Bank of Commerce (NYSE:CM) Stock Position Decreased by Bank of Nova Scotia

Bank of Nova Scotia decreased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 24.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,194,262 shares of the bank’s stock after selling 5,632,739 shares during the quarter. Canadian Imperial Bank of Commerce comprises about 2.0% of Bank of Nova Scotia’s investment portfolio, making the stock its 9th biggest holding. Bank of Nova Scotia owned about 1.82% of Canadian Imperial Bank of Commerce worth $1,087,483,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. PDS Planning Inc raised its holdings in Canadian Imperial Bank of Commerce by 3.8% in the 4th quarter. PDS Planning Inc now owns 5,167 shares of the bank’s stock worth $327,000 after acquiring an additional 189 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 4.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock worth $255,000 after purchasing an additional 194 shares in the last quarter. Mesirow Financial Investment Management Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 0.7% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 33,094 shares of the bank’s stock valued at $2,092,000 after acquiring an additional 222 shares during the last quarter. MML Investors Services LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 0.5% during the third quarter. MML Investors Services LLC now owns 44,008 shares of the bank’s stock valued at $2,699,000 after purchasing an additional 237 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in Canadian Imperial Bank of Commerce by 27.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank’s stock worth $73,000 after purchasing an additional 250 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at $54.96 on Tuesday. 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 company has a 50 day simple moving average of $59.26 and a two-hundred day simple moving average of $61.87. The firm has a market cap of $51.66 billion, a P/E ratio of 10.27, a PEG ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed 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. The ex-dividend date is Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.89%. Canadian Imperial Bank of Commerce’s payout ratio is 48.03%.

Analysts Set New Price Targets

CM has been the topic of a number of research reports. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Friday. Royal Bank of Canada upgraded shares of 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 note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and an average 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.