Massachusetts Financial Services Co. MA Has $7.03 Million Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Massachusetts Financial Services Co. MA cut its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 111,114 shares of the bank’s stock after selling 919 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Canadian Imperial Bank of Commerce were worth $7,026,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CM. Crews Bank & Trust acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $25,000. SBI Securities Co. Ltd. bought a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $30,000. Sandy Spring Bank acquired a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $32,000. IFP Advisors Inc lifted its stake 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 acquiring an additional 404 shares during the last quarter. Finally, Lee Danner & Bass Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $44,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on CM. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Friday. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $54.96 on Tuesday. The business has a 50-day moving average of $59.26 and a 200-day moving average of $61.87. Canadian Imperial Bank of Commerce has a 1 year low of $46.50 and a 1 year high of $67.45. The company has a market capitalization of $51.66 billion, a price-to-earnings ratio of 10.27, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. 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 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 dividend of $0.6723 per share. This represents a $2.69 dividend on an annualized basis and a yield of 4.89%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 48.03%.

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.