Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Zions Bancorporation N.A.

Zions Bancorporation N.A. decreased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 48.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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 reporting period.

Other hedge funds also recently bought and sold shares of the company. Public Sector Pension Investment Board raised its stake in Canadian Imperial Bank of Commerce by 32.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after purchasing an additional 900,575 shares during the last quarter. FMR LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 3.3% in the third quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock worth $129,239,000 after buying an additional 67,480 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock worth $359,320,000 after purchasing an additional 334,545 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at approximately $10,045,000. Finally, Rhumbline Advisers increased its holdings in shares of Canadian Imperial Bank of Commerce by 12.6% in the fourth quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock valued at $229,000 after purchasing an additional 404 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CM. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their price objective 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 research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $57.99 on Wednesday. Canadian Imperial Bank of Commerce has a 52 week low of $46.50 and a 52 week high of $67.45. The stock’s fifty day moving average is $60.35 and its two-hundred day moving average is $62.13. The company has a market capitalization of $54.51 billion, a P/E ratio of 10.84, a P/E/G ratio of 1.62 and a beta of 1.07. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be given 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 payout ratio is currently 48.03%.

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.