DORCHESTER WEALTH MANAGEMENT Co Reduces Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

DORCHESTER WEALTH MANAGEMENT Co lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,601 shares of the bank’s stock after selling 1,000 shares during the quarter. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Canadian Imperial Bank of Commerce were worth $1,934,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Canadian Imperial Bank of Commerce by 14.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock valued at $652,676,000 after acquiring an additional 1,305,665 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of Canadian Imperial Bank of Commerce during the third quarter worth approximately $62,849,000. Public Sector Pension Investment Board grew its position in shares of Canadian Imperial Bank of Commerce by 32.0% during the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after acquiring an additional 900,575 shares during the last quarter. Alberta Investment Management Corp grew its position in Canadian Imperial Bank of Commerce by 74.4% in the 4th quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank’s stock valued at $99,450,000 after buying an additional 671,028 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Canadian Imperial Bank of Commerce by 23.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock valued at $195,561,000 after buying an additional 601,234 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CM. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $97.00 to $103.00 in a research 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 research note on Friday, February 14th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $60.81 on Friday. The stock has a 50 day moving average of $62.92 and a 200-day moving average of $61.57. Canadian Imperial Bank of Commerce has a 52 week low of $46.11 and a 52 week high of $67.45. The stock has a market cap of $57.31 billion, a P/E ratio of 11.37, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were paid a $0.6912 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 4.55%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date was Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 51.22%.

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.