Aviva PLC Sells 343,088 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Aviva PLC decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 37.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 567,731 shares of the bank’s stock after selling 343,088 shares during the quarter. Aviva PLC’s holdings in Canadian Imperial Bank of Commerce were worth $35,841,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CM. Geode Capital Management LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 31.3% in the fourth quarter. Geode Capital Management LLC now owns 5,573,202 shares of the bank’s stock valued at $357,480,000 after acquiring an additional 1,327,967 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 11.0% during the 4th quarter. Franklin Resources Inc. now owns 978,161 shares of the bank’s stock valued at $61,797,000 after purchasing an additional 97,323 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Canadian Imperial Bank of Commerce by 21.4% during the 4th quarter. Wellington Management Group LLP now owns 210,127 shares of the bank’s stock worth $13,285,000 after purchasing an additional 37,015 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 2.0% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 216,786 shares of the bank’s stock worth $13,698,000 after buying an additional 4,269 shares during the last quarter. Finally, Orion Portfolio Solutions LLC increased its holdings in Canadian Imperial Bank of Commerce by 6.2% during the fourth quarter. Orion Portfolio Solutions LLC now owns 16,921 shares of the bank’s stock worth $1,070,000 after buying an additional 986 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $56.79 on Monday. The firm has a 50-day moving average price of $59.43 and a 200-day moving average price of $61.92. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month high of $67.45. 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 company has a market capitalization of $53.39 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be paid a $0.6723 dividend. The ex-dividend date 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 dividend payout ratio is 48.03%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Friday. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued 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 an average price target of $92.00.

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.