Lincluden Management Ltd. Sells 293,248 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Lincluden Management Ltd. decreased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 36.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 501,798 shares of the bank’s stock after selling 293,248 shares during the quarter. Canadian Imperial Bank of Commerce comprises about 3.8% of Lincluden Management Ltd.’s portfolio, making the stock its 9th biggest position. Lincluden Management Ltd. owned approximately 0.05% of Canadian Imperial Bank of Commerce worth $31,741,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Public Sector Pension Investment Board increased its stake in Canadian Imperial Bank of Commerce by 32.0% during the 3rd 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. CIBC Asset Management Inc grew its holdings in shares of Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after buying an additional 375,837 shares during the last quarter. Atlanta Consulting Group Advisors LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at $671,000. FMR LLC raised its stake in Canadian Imperial Bank of Commerce by 3.3% in the 3rd quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock worth $129,239,000 after acquiring an additional 67,480 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock worth $359,320,000 after acquiring an additional 334,545 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CM shares. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, February 14th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $61.09 on Tuesday. Canadian Imperial Bank of Commerce has a 52-week low of $46.11 and a 52-week high of $67.45. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $57.57 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. The business has a 50-day simple moving average of $62.82 and a 200-day simple moving average of $61.73.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were issued a $0.6912 dividend. The ex-dividend date of this dividend was Friday, December 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. This represents a $2.76 dividend on an annualized basis and a yield of 4.53%. Canadian Imperial Bank of Commerce’s payout ratio is presently 51.22%.

Canadian Imperial Bank of Commerce 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.