Meridian Wealth Management LLC Reduces Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Meridian Wealth Management LLC trimmed its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,756 shares of the bank’s stock after selling 250 shares during the period. Meridian Wealth Management LLC’s holdings in Canadian Imperial Bank of Commerce were worth $743,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of CM. Crews Bank & Trust purchased a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at about $25,000. SBI Securities Co. Ltd. purchased a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at about $30,000. IFP Advisors Inc lifted its holdings in Canadian Imperial Bank of Commerce by 318.1% in the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after purchasing an additional 404 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at approximately $44,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 1,069.4% in 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 in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CM has been the topic of a number of research reports. Royal Bank of Canada upgraded shares of 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 report on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $57.47 on Wednesday. The stock has a market cap of $54.15 billion, a PE ratio of 10.74, a P/E/G ratio of 1.62 and a beta of 1.05. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12 month low of $46.50 and a 12 month high of $67.45. The company has a 50-day moving average price of $62.25 and a 200 day moving average price of $62.08.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be issued a $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.68%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 47.67%.

About Canadian Imperial Bank of Commerce

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.