UniSuper Management Pty Ltd Trims Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

UniSuper Management Pty Ltd lowered its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 21.4% in the 4th quarter, Holdings Channel reports. The firm owned 18,000 shares of the bank’s stock after selling 4,900 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Canadian Imperial Bank of Commerce were worth $1,138,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Cerity Partners LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 54.0% in the third quarter. Cerity Partners LLC now owns 24,585 shares of the bank’s stock worth $1,508,000 after purchasing an additional 8,620 shares during the last quarter. FMR LLC boosted its position in Canadian Imperial Bank of Commerce by 3.3% in the 3rd quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock valued at $129,239,000 after buying an additional 67,480 shares during the period. BNP Paribas Financial Markets bought a new position in Canadian Imperial Bank of Commerce in the 3rd quarter worth about $44,000. Bridgewater Associates LP purchased a new position in shares of Canadian Imperial Bank of Commerce during the third quarter worth approximately $601,000. Finally, Benjamin Edwards Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter valued at approximately $525,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

CM has been the topic of several research analyst reports. Royal Bank of Canada raised 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 note on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, February 14th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $56.27 on Tuesday. The firm has a market cap of $52.89 billion, a price-to-earnings ratio of 10.52, a PEG ratio of 1.62 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company’s 50 day moving average is $59.90 and its 200 day moving average is $62.03.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be issued 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 4.78%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 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.