Zions Bancorporation N.A. Lowers Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Zions Bancorporation N.A. lessened its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 48.8% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 45,270 shares of the bank’s stock after selling 43,228 shares during the quarter. Zions Bancorporation N.A.’s holdings in Canadian Imperial Bank of Commerce were worth $2,862,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Crews Bank & Trust purchased a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $25,000. SBI Securities Co. Ltd. purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at $30,000. Sandy Spring Bank acquired a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth $32,000. IFP Advisors Inc increased its holdings in Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after purchasing an additional 404 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $44,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $57.99 on Wednesday. The stock’s 50-day simple moving average is $60.35 and its 200-day simple moving average is $62.13. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $54.51 billion, a PE ratio of 10.84, 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.

Canadian Imperial Bank of Commerce Cuts Dividend

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

Wall Street Analysts Forecast Growth

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