Bank of Nova Scotia Trims Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Bank of Nova Scotia lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 24.7% in the 4th quarter, Holdings Channel reports. The firm owned 17,194,262 shares of the bank’s stock after selling 5,632,739 shares during the period. Canadian Imperial Bank of Commerce makes up 2.0% of Bank of Nova Scotia’s investment portfolio, making the stock its 9th largest holding. Bank of Nova Scotia’s holdings in Canadian Imperial Bank of Commerce were worth $1,087,483,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Canadian Imperial Bank of Commerce by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank’s stock valued at $2,491,431,000 after buying an additional 749,843 shares in the last quarter. TD Asset Management Inc. increased its position in Canadian Imperial Bank of Commerce by 3.7% in the fourth quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank’s stock worth $1,492,138,000 after purchasing an additional 851,164 shares during the last quarter. FIL Ltd raised its stake in Canadian Imperial Bank of Commerce by 53.6% during the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank’s stock valued at $783,613,000 after purchasing an additional 4,321,451 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Canadian Imperial Bank of Commerce by 1.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank’s stock valued at $679,613,000 after purchasing an additional 115,884 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth about $570,477,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Down 3.0 %

Shares of CM opened at $54.96 on Tuesday. Canadian Imperial Bank of Commerce has a 12-month low of $46.50 and a 12-month high of $67.45. The firm has a fifty day moving average price of $59.26 and a 200-day moving average price of $61.87. The firm has a market capitalization of $51.66 billion, a P/E ratio of 10.27, a P/E/G ratio of 1.62 and a beta of 0.98. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.6723 per share. The ex-dividend date is Friday, March 28th. This represents a $2.69 annualized dividend and a yield of 4.89%. Canadian Imperial Bank of Commerce’s payout ratio is currently 48.03%.

Analysts Set New Price Targets

Several research firms recently commented on CM. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Friday. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.