Great West Life Assurance Co. Can reduced its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,450,557 shares of the bank’s stock after selling 127,802 shares during the period. Canadian Imperial Bank of Commerce makes up 0.7% of Great West Life Assurance Co. Can’s investment portfolio, making the stock its 22nd largest position. Great West Life Assurance Co. Can owned 0.86% of Canadian Imperial Bank of Commerce worth $279,565,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $82,838,000. Acadian Asset Management LLC raised its position in shares of Canadian Imperial Bank of Commerce by 14.3% in the first quarter. Acadian Asset Management LLC now owns 5,684,299 shares of the bank’s stock valued at $488,755,000 after buying an additional 709,927 shares during the last quarter. Barometer Capital Management Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $34,100,000. Vanguard Group Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 4.7% in the first quarter. Vanguard Group Inc. now owns 8,468,455 shares of the bank’s stock valued at $730,065,000 after buying an additional 381,319 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new stake in Canadian Imperial Bank of Commerce during the first quarter worth $31,395,000. Institutional investors and hedge funds own 48.19% of the company’s stock.

Canadian Imperial Bank of Commerce (NYSE CM) traded up 0.25% during midday trading on Friday, reaching $84.16. 455,247 shares of the company’s stock were exchanged. The firm’s 50 day moving average is $84.22 and its 200 day moving average is $84.05. Canadian Imperial Bank of Commerce has a 52 week low of $72.62 and a 52 week high of $92.22. The firm has a market capitalization of $33.80 billion, a price-to-earnings ratio of 8.80 and a beta of 1.09.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Wednesday, June 28th were given a $0.9406 dividend. The ex-dividend date was Monday, June 26th. This represents a $3.76 annualized dividend and a yield of 4.47%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 41.18%.

TRADEMARK VIOLATION WARNING: This article was published by TheOlympiaReport and is owned by of TheOlympiaReport. If you are viewing this article on another domain, it was stolen and republished in violation of U.S. and international trademark & copyright law. The original version of this article can be viewed at https://theolympiareport.com/2017/08/12/canadian-imperial-bank-of-commerce-cm-stake-lowered-by-great-west-life-assurance-co-can-updated.html.

CM has been the subject of a number of analyst reports. Zacks Investment Research lowered shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Tuesday, April 25th. National Bank Financial restated an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 18th. BidaskClub upgraded shares of Canadian Imperial Bank of Commerce from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. Finally, Canaccord Genuity initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 18th. They set a “buy” rating for the company. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. Canadian Imperial Bank of Commerce has an average rating of “Hold” and a consensus price target of $100.63.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

Receive News & Ratings for Canadian Imperial Bank of Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Imperial Bank of Commerce and related companies with Analyst Ratings Network's FREE daily email newsletter.