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

Cardinal Capital Management Inc. cut its stake 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 disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,894,773 shares of the bank’s stock after selling 374,330 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 4.1% of Cardinal Capital Management Inc.’s holdings, making the stock its 8th biggest position. Cardinal Capital Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $119,588,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Toronto Dominion Bank lifted its holdings in shares of Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after buying an additional 3,942,894 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings 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 acquiring an additional 1,305,665 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth $62,849,000. Public Sector Pension Investment Board increased its holdings in shares of Canadian Imperial Bank of Commerce by 32.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after purchasing an additional 900,575 shares in the last quarter. Finally, AXA S.A. lifted its stake in shares of Canadian Imperial Bank of Commerce by 373.3% in the second quarter. AXA S.A. now owns 805,845 shares of the bank’s stock valued at $38,310,000 after purchasing an additional 635,592 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Up 0.4 %

NYSE:CM opened at $63.62 on Thursday. The stock has a market cap of $59.96 billion, a price-to-earnings ratio of 11.89, a price-to-earnings-growth ratio of 1.67 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 company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The business’s 50-day simple moving average is $64.15 and its 200 day simple moving average is $59.68.

Canadian Imperial Bank of Commerce Increases Dividend

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

Analysts Set New Price Targets

CM has been the subject of a number of research analyst reports. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Monday, January 6th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and a consensus target price of $92.00.

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.