Canadian Imperial Bank of Commerce (NYSE:CM) is Mufg Securities Canada LTD.’s 4th Largest Position

Mufg Securities Canada LTD. trimmed its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 35.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,342,427 shares of the bank’s stock after selling 1,294,584 shares during the quarter. Canadian Imperial Bank of Commerce makes up 5.3% of Mufg Securities Canada LTD.’s holdings, making the stock its 4th biggest position. Mufg Securities Canada LTD.’s holdings in Canadian Imperial Bank of Commerce were worth $148,079,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of CM. Massachusetts Financial Services Co. MA lifted its stake in shares of Canadian Imperial Bank of Commerce by 32.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 112,033 shares of the bank’s stock valued at $6,872,000 after buying an additional 27,291 shares in the last quarter. Citigroup Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 5.2% in the third quarter. Citigroup Inc. now owns 352,332 shares of the bank’s stock worth $21,636,000 after acquiring an additional 17,457 shares during the period. Cerity Partners LLC grew its position in shares of Canadian Imperial Bank of Commerce by 54.0% in the third quarter. Cerity Partners LLC now owns 24,585 shares of the bank’s stock valued at $1,508,000 after purchasing an additional 8,620 shares in the last quarter. Algert Global LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at $1,375,000. Finally, Horizon Kinetics Asset Management LLC bought a new position in Canadian Imperial Bank of Commerce in the 3rd quarter worth about $644,000. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Up 0.7 %

Shares of Canadian Imperial Bank of Commerce stock opened at $57.99 on Wednesday. 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 firm has a market cap of $54.51 billion, a PE ratio of 10.84, a PEG ratio of 1.62 and a beta of 1.07. The company has a 50 day simple moving average of $60.35 and a two-hundred day simple moving average of $62.13.

Canadian Imperial Bank of Commerce Cuts Dividend

The company 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 $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.64%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 48.03%.

Wall Street Analyst Weigh In

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