Mufg Securities Canada LTD. Decreases Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Mufg Securities Canada LTD. decreased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 35.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,342,427 shares of the bank’s stock after selling 1,294,584 shares during the quarter. Canadian Imperial Bank of Commerce makes up approximately 5.3% of Mufg Securities Canada LTD.’s portfolio, making the stock its 4th biggest position. Mufg Securities Canada LTD. owned 0.25% of Canadian Imperial Bank of Commerce worth $148,079,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CM. Public Sector Pension Investment Board increased its stake in shares of Canadian Imperial Bank of Commerce by 32.0% in the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after buying an additional 900,575 shares during the period. FMR LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 3.3% during the third quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock valued at $129,239,000 after acquiring an additional 67,480 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Canadian Imperial Bank of Commerce by 6.1% in the third 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 acquired a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at $10,045,000. Finally, Rhumbline Advisers grew its position in shares of Canadian Imperial Bank of Commerce by 12.6% in the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock valued at $229,000 after buying an additional 404 shares during the last quarter. Institutional investors 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 company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap 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. The stock’s fifty day simple moving average is $60.35 and its two-hundred day simple moving average is $62.13. Canadian Imperial Bank of Commerce has a 1-year low of $46.50 and a 1-year high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The company 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 dividend of $0.6723 per share. The ex-dividend date 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 currently 48.03%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CM. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Company 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.