Cetera Investment Advisers Sells 19,744 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Cetera Investment Advisers cut its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 42.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,155 shares of the bank’s stock after selling 19,744 shares during the quarter. Cetera Investment Advisers’ holdings in Canadian Imperial Bank of Commerce were worth $1,717,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Baird Financial Group Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 13.8% during the 4th quarter. Baird Financial Group Inc. now owns 30,332 shares of the bank’s stock valued at $1,918,000 after buying an additional 3,682 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 2.3% during the 4th quarter. Ameriprise Financial Inc. now owns 29,735 shares of the bank’s stock valued at $1,880,000 after buying an additional 663 shares during the period. Algert Global LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 5.3% during the 4th quarter. Algert Global LLC now owns 23,577 shares of the bank’s stock valued at $1,490,000 after buying an additional 1,193 shares during the period. AXA S.A. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 36.4% during the 4th quarter. AXA S.A. now owns 408,593 shares of the bank’s stock valued at $25,835,000 after buying an additional 109,119 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Canadian Imperial Bank of Commerce by 15.2% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,491,730 shares of the bank’s stock valued at $94,314,000 after buying an additional 196,477 shares during the period. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.6%

NYSE:CM opened at $66.72 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $62.73 billion, a price-to-earnings ratio of 12.47, a price-to-earnings-growth ratio of 1.62 and a beta of 1.06. Canadian Imperial Bank of Commerce has a one year low of $46.99 and a one year high of $67.45. The business has a fifty day moving average price of $59.85 and a 200-day moving average price of $61.78.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, March 28th were paid a $0.6723 dividend. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.03%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 48.03%.

Analyst Upgrades and Downgrades

CM has been the topic of several research analyst reports. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Monday, April 21st. Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a “sector outperform” rating on the stock. Finally, StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Tuesday, May 13th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the 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.

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.