Toronto Dominion Bank Sells 4,037,850 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Toronto Dominion Bank trimmed its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 15.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,903,927 shares of the bank’s stock after selling 4,037,850 shares during the quarter. Canadian Imperial Bank of Commerce comprises about 2.4% of Toronto Dominion Bank’s holdings, making the stock its 9th biggest position. Toronto Dominion Bank owned 2.32% of Canadian Imperial Bank of Commerce worth $1,343,587,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CM. Ridgewood Investments LLC bought a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $29,000. BNP Paribas Financial Markets acquired a new position in Canadian Imperial Bank of Commerce during the third quarter worth $44,000. Blue Trust Inc. boosted its stake in Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after purchasing an additional 623 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after buying an additional 171 shares during the last quarter. Finally, City State Bank bought a new stake in Canadian Imperial Bank of Commerce during the third quarter worth $61,000. 49.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CM shares. 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. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, December 6th. BMO Capital Markets upped their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $97.00 target price (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, December 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $89.00.

Canadian Imperial Bank of Commerce Stock Up 0.5 %

Shares of NYSE CM opened at $66.48 on Wednesday. The business has a 50-day simple moving average of $63.19 and a two-hundred day simple moving average of $56.29. Canadian Imperial Bank of Commerce has a 52 week low of $42.59 and a 52 week high of $67.14. The company has a market cap of $62.80 billion, a P/E ratio of 12.43, a P/E/G ratio of 1.76 and a beta of 1.06. 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 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be issued a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date of this dividend is Friday, December 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio is 53.46%.

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.