Cerity Partners LLC Decreases Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Cerity Partners LLC lessened its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 37.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,456 shares of the bank’s stock after selling 9,129 shares during the period. Cerity Partners LLC’s holdings in Canadian Imperial Bank of Commerce were worth $958,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Crews Bank & Trust acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth $25,000. SBI Securities Co. Ltd. purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $30,000. Sandy Spring Bank purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $32,000. IFP Advisors Inc grew its position in Canadian Imperial Bank of Commerce by 318.1% during the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after buying an additional 404 shares during the period. Finally, BNP Paribas Financial Markets purchased a new position in Canadian Imperial Bank of Commerce in the third quarter valued at about $44,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

CM has been the topic of several research analyst reports. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, April 14th. Royal Bank of Canada upgraded 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. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.3 %

CM stock opened at $58.94 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company’s 50 day simple moving average is $58.14 and its 200-day simple moving average is $61.55. Canadian Imperial Bank of Commerce has a 12 month low of $46.50 and a 12 month high of $67.45. The firm has a market capitalization of $55.41 billion, a PE ratio of 11.02, a P/E/G ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be given a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.56%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s payout ratio is 48.03%.

Canadian Imperial Bank of Commerce 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.