Cetera Investment Advisers Cuts Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Cetera Investment Advisers decreased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 42.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,155 shares of the bank’s stock after selling 19,744 shares during the period. Cetera Investment Advisers’ holdings in Canadian Imperial Bank of Commerce were worth $1,717,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after acquiring an additional 334,545 shares during the last quarter. HB Wealth Management LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $228,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of 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 valued at $73,000 after acquiring an additional 250 shares during the last quarter. Addenda Capital Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 5.9% in the 4th quarter. Addenda Capital Inc. now owns 545,010 shares of the bank’s stock valued at $34,461,000 after acquiring an additional 30,382 shares during the last quarter. Finally, Atomi Financial Group Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 19.5% in the 4th quarter. Atomi Financial Group Inc. now owns 9,415 shares of the bank’s stock valued at $595,000 after acquiring an additional 1,536 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.6%

Shares of NYSE CM opened at $66.72 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $62.73 billion, a P/E ratio of 12.47, a PEG ratio of 1.62 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 1 year low of $46.99 and a 1 year high of $67.45. The firm has a 50-day simple moving average of $59.85 and a two-hundred day simple moving average of $61.78.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, March 28th were paid a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a dividend yield of 4.03%. The ex-dividend date was Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 48.03%.

Analysts Set New Price Targets

CM has been the subject of a number of analyst reports. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a “sector outperform” rating for the company. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Monday, April 21st. Finally, StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Tuesday, May 13th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average 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.