New York State Common Retirement Fund Decreases Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

New York State Common Retirement Fund lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 22.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 85,348 shares of the bank’s stock after selling 24,131 shares during the quarter. New York State Common Retirement Fund’s holdings in Canadian Imperial Bank of Commerce were worth $4,109,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CM. Wellington Management Group LLP grew its position in shares of Canadian Imperial Bank of Commerce by 187.3% in the 3rd quarter. Wellington Management Group LLP now owns 266,581 shares of the bank’s stock worth $10,338,000 after buying an additional 173,801 shares during the last quarter. CenterBook Partners LP purchased a new position in Canadian Imperial Bank of Commerce during the 3rd quarter valued at $4,509,000. American Century Companies Inc. raised its holdings in Canadian Imperial Bank of Commerce by 8.7% in the 3rd quarter. American Century Companies Inc. now owns 177,501 shares of the bank’s stock worth $6,852,000 after purchasing an additional 14,141 shares in the last quarter. Public Sector Pension Investment Board lifted its position in shares of Canadian Imperial Bank of Commerce by 177.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 990,605 shares of the bank’s stock worth $38,415,000 after purchasing an additional 633,770 shares during the period. Finally, Bank of Nova Scotia Trust Co. boosted its stake in shares of Canadian Imperial Bank of Commerce by 20.4% during the 3rd quarter. Bank of Nova Scotia Trust Co. now owns 563,792 shares of the bank’s stock valued at $21,768,000 after purchasing an additional 95,463 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on CM shares. Jefferies Financial Group started coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, February 22nd. They issued a “buy” rating for the company. Barclays assumed coverage on Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They issued an “underweight” rating on the stock. Finally, Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Canadian Imperial Bank of Commerce Trading Up 1.2 %

Shares of NYSE:CM opened at $47.88 on Monday. The stock has a 50 day moving average of $48.75 and a 200 day moving average of $45.05. The company has a market cap of $44.91 billion, a PE ratio of 9.89, a price-to-earnings-growth ratio of 2.25 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.10. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.47 billion. Canadian Imperial Bank of Commerce had a net margin of 10.79% and a return on equity of 13.07%. As a group, equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 29th. Shareholders of record on Thursday, March 28th were paid a $0.6634 dividend. This represents a $2.65 dividend on an annualized basis and a yield of 5.54%. The ex-dividend date was Wednesday, March 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.75%.

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.