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

Envestnet Portfolio Solutions Inc. lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 50.2% in the fourth quarter, HoldingsChannel reports. 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Natixis Advisors LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 6.3% in the fourth quarter. Natixis Advisors LLC now owns 49,849 shares of the bank’s stock worth $3,152,000 after buying an additional 2,957 shares during the last quarter. Aviso Financial Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 1,098.7% during the fourth quarter. Aviso Financial Inc. now owns 639,512 shares of the bank’s stock worth $40,444,000 after purchasing an additional 586,160 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Canadian Imperial Bank of Commerce by 244.8% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 417,930 shares of the bank’s stock worth $26,493,000 after purchasing an additional 296,738 shares during the last quarter. Achmea Investment Management B.V. raised its holdings in shares of Canadian Imperial Bank of Commerce by 1,377.4% during the fourth quarter. Achmea Investment Management B.V. now owns 325,667 shares of the bank’s stock worth $20,590,000 after purchasing an additional 303,624 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank’s stock worth $679,613,000 after purchasing an additional 115,884 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

CM has been the subject of several recent research reports. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.2 %

CM stock opened at $56.77 on Friday. The firm has a market cap of $53.36 billion, a PE ratio of 10.61, a P/E/G ratio of 1.62 and a beta of 1.07. 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 firm’s fifty day moving average is $60.51 and its 200 day moving average is $62.13. Canadian Imperial Bank of Commerce has a one year low of $46.50 and a one year high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared 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 annualized dividend and a yield of 4.74%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 48.03%.

Canadian Imperial Bank of Commerce Company 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.