Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Cardinal Capital Management Inc.

Cardinal Capital Management Inc. reduced its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 16.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,894,773 shares of the bank’s stock after selling 374,330 shares during the period. Canadian Imperial Bank of Commerce accounts for about 4.1% of Cardinal Capital Management Inc.’s portfolio, making the stock its 8th largest holding. Cardinal Capital Management Inc. owned 0.20% of Canadian Imperial Bank of Commerce worth $119,588,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. BNP Paribas Financial Markets acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $44,000. Blue Trust Inc. lifted its position in Canadian Imperial Bank of Commerce by 571.6% during the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after buying an additional 623 shares in the last quarter. Versant Capital Management Inc boosted its stake in Canadian Imperial Bank of Commerce by 1,069.4% during the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock worth $46,000 after buying an additional 663 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in Canadian Imperial Bank of Commerce by 23.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after buying an additional 171 shares in the last quarter. Finally, City State Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth $61,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

CM has been the topic of a number of recent analyst reports. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Trading Up 0.4 %

NYSE:CM opened at $63.62 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $43.86 and a 1 year high of $67.45. The stock has a market cap of $59.96 billion, a P/E ratio of 11.89, a P/E/G ratio of 1.67 and a beta of 1.06. The stock has a 50-day simple moving average of $64.15 and a 200-day simple moving average of $59.68.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be given a $0.6912 dividend. The ex-dividend date of this dividend is Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. This represents a $2.76 dividend on an annualized basis and a yield of 4.35%. Canadian Imperial Bank of Commerce’s payout ratio is 51.22%.

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.