Stephens Inc. AR Sells 2,779 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Stephens Inc. AR cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 12.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,152 shares of the bank’s stock after selling 2,779 shares during the quarter. Stephens Inc. AR’s holdings in Canadian Imperial Bank of Commerce were worth $1,211,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CM. CIBC Asset Management Inc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after buying an additional 375,837 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Canadian Imperial Bank of Commerce by 14.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after purchasing an additional 1,305,665 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Canadian Imperial Bank of Commerce by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after purchasing an additional 334,545 shares during the period. Geode Capital Management LLC grew its position in shares of 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 in the last quarter. Finally, Public Sector Pension Investment Board grew its position in shares of 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 purchasing an additional 900,575 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CM. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $61.72 on Thursday. The company has a market capitalization of $58.16 billion, a PE ratio of 11.54, a P/E/G ratio of 1.64 and a beta of 1.05. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a twelve month low of $43.86 and a twelve month high of $67.45. The firm has a fifty day simple moving average of $63.62 and a 200 day simple moving average of $61.01.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th were 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. The ex-dividend date was Friday, December 27th. This represents a $2.76 annualized dividend and a dividend yield of 4.48%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 51.21%.

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.