Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by PCJ Investment Counsel Ltd.

PCJ Investment Counsel Ltd. reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,950 shares of the bank’s stock after selling 1,540 shares during the period. Canadian Imperial Bank of Commerce comprises approximately 1.0% of PCJ Investment Counsel Ltd.’s holdings, making the stock its 27th biggest position. PCJ Investment Counsel Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $3,092,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Crews Bank & Trust bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $25,000. SBI Securities Co. Ltd. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $30,000. IFP Advisors Inc boosted its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% in the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock valued at $34,000 after buying an additional 404 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $44,000. Finally, Versant Capital Management Inc lifted its holdings in Canadian Imperial Bank of Commerce by 1,069.4% in 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. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $56.70 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $53.43 billion, a P/E ratio of 10.60, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.50 and a fifty-two week high of $67.45. The firm’s 50 day simple moving average is $61.85 and its 200-day simple moving average is $62.04.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be issued a $0.6723 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.74%. Canadian Imperial Bank of Commerce’s payout ratio is currently 48.03%.

Wall Street Analysts Forecast Growth

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

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.