Canadian Imperial Bank of Commerce (NYSE:CM) Stock Position Decreased by Truist Financial Corp

Truist Financial Corp cut its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 10.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 248,933 shares of the bank’s stock after selling 30,189 shares during the period. Truist Financial Corp’s holdings in Canadian Imperial Bank of Commerce were worth $11,984,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Intact Investment Management Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 299.1% in the 3rd quarter. Intact Investment Management Inc. now owns 2,575,873 shares of the bank’s stock valued at $99,428,000 after acquiring an additional 1,930,440 shares in the last quarter. Triasima Portfolio Management inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $35,234,000. Public Sector Pension Investment Board raised its stake in shares of Canadian Imperial Bank of Commerce by 177.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 990,605 shares of the bank’s stock valued at $38,415,000 after acquiring an additional 633,770 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 33,841,855 shares of the bank’s stock valued at $1,306,634,000 after acquiring an additional 544,942 shares in the last quarter. Finally, Toronto Dominion Bank raised its stake in shares of Canadian Imperial Bank of Commerce by 1.8% in the 3rd quarter. Toronto Dominion Bank now owns 26,965,878 shares of the bank’s stock valued at $1,041,153,000 after acquiring an additional 476,342 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $46.89 on Thursday. Canadian Imperial Bank of Commerce has a 1-year low of $34.35 and a 1-year high of $51.14. The firm has a market capitalization of $43.98 billion, a PE ratio of 9.69, a PEG ratio of 2.22 and a beta of 1.06. The business’s 50 day moving average is $48.72 and its 200-day moving average is $44.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, February 29th. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. The company had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.47 billion. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.04 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 29th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.6634 per share. This represents a $2.65 annualized dividend and a dividend yield of 5.66%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 26.45%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CM shares. Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research note on Tuesday, February 20th. Barclays initiated coverage on Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They issued an “underweight” rating on the stock. Finally, Jefferies Financial Group initiated coverage on Canadian Imperial Bank of Commerce in a report on Thursday, February 22nd. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $63.00.

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.