Atria Investments Inc Sells 14,178 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Atria Investments Inc cut its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 50.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,070 shares of the bank’s stock after selling 14,178 shares during the period. Atria Investments Inc’s holdings in Canadian Imperial Bank of Commerce were worth $890,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CM. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Canadian Imperial Bank of Commerce by 14.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after acquiring an additional 1,305,665 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at approximately $62,849,000. Public Sector Pension Investment Board increased its stake in shares of Canadian Imperial Bank of Commerce by 32.0% during 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. Alberta Investment Management Corp grew its stake in Canadian Imperial Bank of Commerce by 74.4% in the fourth quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank’s stock worth $99,450,000 after purchasing an additional 671,028 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Canadian Imperial Bank of Commerce by 23.3% in the third quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock worth $195,561,000 after acquiring an additional 601,234 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Down 1.6 %

CM opened at $55.07 on Friday. The business’s 50-day simple moving average is $61.24 and its 200-day simple moving average is $62.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a one year low of $46.50 and a one year high of $67.45. The stock has a market capitalization of $51.90 billion, a P/E ratio of 10.29, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a dividend yield of 4.88%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 48.03%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, February 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target 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.