Envestnet Portfolio Solutions Inc. Trims Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Envestnet Portfolio Solutions Inc. reduced its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 50.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,813 shares of the bank’s stock after selling 16,937 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,063,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC grew its stake in Canadian Imperial Bank of Commerce by 4.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock worth $255,000 after acquiring an additional 194 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its stake in Canadian Imperial Bank of Commerce by 0.7% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 33,094 shares of the bank’s stock worth $2,092,000 after acquiring an additional 222 shares in the last quarter. MML Investors Services LLC grew its stake in Canadian Imperial Bank of Commerce by 0.5% in the 3rd quarter. MML Investors Services LLC now owns 44,008 shares of the bank’s stock worth $2,699,000 after acquiring an additional 237 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in Canadian Imperial Bank of Commerce by 27.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank’s stock worth $73,000 after acquiring an additional 250 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in Canadian Imperial Bank of Commerce by 5.7% in the 4th quarter. Fifth Third Bancorp now owns 4,971 shares of the bank’s stock worth $314,000 after acquiring an additional 270 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Up 0.2 %

NYSE:CM opened at $56.77 on Friday. Canadian Imperial Bank of Commerce has a 52 week low of $46.50 and a 52 week high of $67.45. The firm has a 50 day moving average of $60.51 and a 200 day moving average of $62.13. 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 stock has a market capitalization of $53.36 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be given a dividend of $0.6723 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.74%. Canadian Imperial Bank of Commerce’s payout ratio is 48.03%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CM shares. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, February 14th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $92.00.

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.