Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CMFree Report) (TSE:CM) by 23.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,131 shares of the bank’s stock after selling 16,621 shares during the period. Allianz Asset Management GmbH’s holdings in Canadian Imperial Bank of Commerce were worth $2,618,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. J.P. Morgan Private Wealth Advisors LLC raised its stake in Canadian Imperial Bank of Commerce by 13.5% during the third quarter. J.P. Morgan Private Wealth Advisors LLC now owns 33,128 shares of the bank’s stock worth $1,279,000 after purchasing an additional 3,935 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Canadian Imperial Bank of Commerce by 44.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,900 shares of the bank’s stock worth $266,000 after buying an additional 2,131 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Canadian Imperial Bank of Commerce by 1.3% in the third quarter. Janney Montgomery Scott LLC now owns 74,015 shares of the bank’s stock valued at $2,857,000 after acquiring an additional 917 shares during the last quarter. Van ECK Associates Corp grew its position in Canadian Imperial Bank of Commerce by 13.4% during the third quarter. Van ECK Associates Corp now owns 104,944 shares of the bank’s stock valued at $4,053,000 after acquiring an additional 12,376 shares during the period. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in Canadian Imperial Bank of Commerce during the third quarter worth about $267,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $48.99 on Friday. The company’s fifty day moving average price is $48.61 and its two-hundred day moving average price is $47.01. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market capitalization of $46.20 billion, a P/E ratio of 10.08, a P/E/G ratio of 1.94 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $51.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be issued a $0.653 dividend. This represents a $2.61 dividend on an annualized basis and a yield of 5.33%. The ex-dividend date of this dividend is Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 54.53%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CM shares. Barclays began coverage on Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They set an “underweight” rating for the company. Jefferies Financial Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, February 22nd. They issued a “buy” rating on the stock. BMO Capital Markets upped their price target on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Finally, Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $67.00.

Check Out Our Latest Stock Report on Canadian Imperial Bank of Commerce

About Canadian Imperial Bank of Commerce

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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