Gradient Investments LLC Cuts Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Gradient Investments LLC trimmed its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 24.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,087 shares of the bank’s stock after selling 2,653 shares during the period. Gradient Investments LLC’s holdings in Canadian Imperial Bank of Commerce were worth $511,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CIBC Asset Management Inc lifted its stake in shares of Canadian Imperial Bank of Commerce by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after acquiring an additional 375,837 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in Canadian Imperial Bank of Commerce by 14.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock valued at $652,676,000 after purchasing an additional 1,305,665 shares during the period. Legal & General Group Plc boosted its holdings in 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 valued at $342,946,000 after purchasing an additional 228,130 shares in the last quarter. JPMorgan Chase & Co. increased its position in Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock worth $359,320,000 after purchasing an additional 334,545 shares during the period. Finally, Geode Capital Management LLC increased its position in Canadian Imperial Bank of Commerce by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock worth $262,598,000 after purchasing an additional 336,854 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CM. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Down 0.2 %

CM opened at $63.52 on Friday. 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 company has a market cap of $59.86 billion, a price-to-earnings ratio of 11.87, a PEG ratio of 1.68 and a beta of 1.06. Canadian Imperial Bank of Commerce has a one year low of $43.86 and a one year high of $67.45. The business’s fifty day moving average is $64.14 and its two-hundred day moving average is $59.81.

Canadian Imperial Bank of Commerce Increases Dividend

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