BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $127.36 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 61.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,015,995 shares of the bank’s stock after selling 3,190,327 shares during the quarter. Canadian Imperial Bank of Commerce comprises about 0.8% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s portfolio, making the stock its 20th biggest position. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.21% of Canadian Imperial Bank of Commerce worth $127,363,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Canadian Imperial Bank of Commerce by 2.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,179,347 shares of the bank’s stock valued at $74,570,000 after acquiring an additional 32,036 shares during the period. Toronto Dominion Bank grew its holdings in Canadian Imperial Bank of Commerce by 1.1% during the fourth quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank’s stock valued at $1,398,619,000 after purchasing an additional 234,088 shares during the period. Quantinno Capital Management LP raised its stake in shares of Canadian Imperial Bank of Commerce by 5.7% in the fourth quarter. Quantinno Capital Management LP now owns 38,357 shares of the bank’s stock valued at $2,425,000 after buying an additional 2,065 shares during the period. Nuveen Asset Management LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 0.3% during the 4th quarter. Nuveen Asset Management LLC now owns 1,085,906 shares of the bank’s stock worth $68,656,000 after acquiring an additional 2,802 shares during the period. Finally, OMERS ADMINISTRATION Corp raised its stake in Canadian Imperial Bank of Commerce by 59.2% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 1,199,914 shares of the bank’s stock valued at $75,864,000 after acquiring an additional 446,314 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CM has been the topic of several recent research reports. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Monday, April 21st. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued 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 report on Tuesday, May 13th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Down 0.6%

Shares of Canadian Imperial Bank of Commerce stock opened at $66.72 on Wednesday. The stock has a market capitalization of $62.73 billion, a price-to-earnings ratio of 12.47, a P/E/G ratio of 1.62 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company’s 50 day moving average price is $59.85 and its 200-day moving average price is $61.78. Canadian Imperial Bank of Commerce has a 52-week low of $46.99 and a 52-week high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

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