Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by National Bank of Canada FI

National Bank of Canada FI lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 38.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,315,973 shares of the bank’s stock after selling 7,024,896 shares during the quarter. Canadian Imperial Bank of Commerce comprises 0.8% of National Bank of Canada FI’s portfolio, making the stock its 17th largest position. National Bank of Canada FI owned about 1.20% of Canadian Imperial Bank of Commerce worth $694,127,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the company. Toronto Dominion Bank increased its holdings in Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after purchasing an additional 3,942,894 shares during the last quarter. Cetera Advisors LLC acquired a new stake in Canadian Imperial Bank of Commerce in the first quarter valued at $1,278,000. Public Sector Pension Investment Board grew its holdings in Canadian Imperial Bank of Commerce by 32.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after acquiring an additional 900,575 shares in the last quarter. Legal & General Group Plc increased its position in shares of Canadian Imperial Bank of Commerce by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after purchasing an additional 228,130 shares during the last quarter. Finally, Ritholtz Wealth Management raised its stake in shares of Canadian Imperial Bank of Commerce by 140.6% in the 3rd quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock valued at $878,000 after purchasing an additional 8,362 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

CM has been the subject of several research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $97.00 price objective (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a report on Friday. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.00.

Canadian Imperial Bank of Commerce Stock Performance

CM stock opened at $66.71 on Friday. Canadian Imperial Bank of Commerce has a 1 year low of $42.28 and a 1 year high of $67.14. The stock has a market capitalization of $63.01 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 1.67 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock’s fifty day moving average is $62.99 and its two-hundred day moving average is $55.94.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be paid a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.14%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Friday, December 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 49.91%.

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.