Commonwealth Equity Services LLC Sells 2,843 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Commonwealth Equity Services LLC reduced its position in Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) by 11.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 21,216 shares of the bank’s stock after selling 2,843 shares during the period. Commonwealth Equity Services LLC’s holdings in Canadian Imperial Bank of Commerce were worth $858,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CM. Twin Tree Management LP boosted its position in shares of Canadian Imperial Bank of Commerce by 106.1% during the third quarter. Twin Tree Management LP now owns 600 shares of the bank’s stock worth $26,000 after acquiring an additional 10,400 shares during the last quarter. Glassman Wealth Services raised its stake in Canadian Imperial Bank of Commerce by 49.8% during the fourth quarter. Glassman Wealth Services now owns 659 shares of the bank’s stock valued at $27,000 after purchasing an additional 219 shares in the last quarter. Ronald Blue Trust Inc. raised its stake in Canadian Imperial Bank of Commerce by 840.4% during the fourth quarter. Ronald Blue Trust Inc. now owns 931 shares of the bank’s stock valued at $41,000 after purchasing an additional 832 shares in the last quarter. Spire Wealth Management raised its stake in Canadian Imperial Bank of Commerce by 48.0% during the third quarter. Spire Wealth Management now owns 962 shares of the bank’s stock valued at $42,000 after purchasing an additional 312 shares in the last quarter. Finally, CENTRAL TRUST Co raised its stake in shares of Canadian Imperial Bank of Commerce by 77.8% in the third quarter. CENTRAL TRUST Co now owns 1,600 shares of the bank’s stock valued at $70,000 after acquiring an additional 700 shares during the period. Institutional investors own 44.40% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.7 %

Shares of Canadian Imperial Bank of Commerce stock opened at $41.60 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $39.40 and a 1 year high of $56.68. The firm’s 50-day moving average is $41.95 and its two-hundred day moving average is $43.52. The stock has a market cap of $38.18 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 2.21 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last issued its earnings results on Friday, February 24th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.21. Canadian Imperial Bank of Commerce had a net margin of 12.75% and a return on equity of 14.51%. The company had revenue of $4.40 billion for the quarter. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.58 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 28th. Shareholders of record on Tuesday, March 28th were issued a dividend of $0.639 per share. This represents a $2.56 annualized dividend and a yield of 6.14%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.63. The ex-dividend date was Monday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 63.20%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CM shares. StockNews.com started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. CIBC raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research note on Tuesday, May 9th. Canaccord Genuity Group upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a report on Wednesday, May 10th. Finally, Royal Bank of Canada upped their price target on shares of Canadian Imperial Bank of Commerce from $69.00 to $70.00 and gave the stock a “sector perform” rating in a report on Monday, February 27th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $74.14.

Canadian Imperial Bank of Commerce Company Profile

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Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.