AGF Management Ltd. Cuts Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

AGF Management Ltd. trimmed its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 70,805 shares of the bank’s stock after selling 338 shares during the period. AGF Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $4,918,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. CIBC Asset Management Inc lifted its stake in shares of Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after purchasing an additional 375,837 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Canadian Imperial Bank of Commerce by 14.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock valued at $652,676,000 after buying an additional 1,305,665 shares during the period. JPMorgan Chase & Co. lifted its position in 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 acquiring an additional 334,545 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock worth $262,598,000 after acquiring an additional 336,854 shares during the period. Finally, Public Sector Pension Investment Board grew its position in 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 acquiring an additional 900,575 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CM. 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. Royal Bank of Canada upgraded shares of 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 report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Hold” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Up 1.1 %

Shares of NYSE:CM opened at $55.97 on Thursday. The firm has a market cap of $52.74 billion, a PE ratio of 10.46, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. The company has a fifty day simple moving average of $61.39 and a 200 day simple moving average of $62.14. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $46.50 and a 12-month high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be paid a $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.81%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) 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.