Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Cumberland Partners Ltd

Cumberland Partners Ltd cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 32,037 shares of the bank’s stock after selling 1,065 shares during the period. Cumberland Partners Ltd’s holdings in Canadian Imperial Bank of Commerce were worth $2,025,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. CIBC Asset Management Inc grew its stake in shares of Canadian Imperial Bank of Commerce by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after buying an additional 375,837 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in Canadian Imperial Bank of Commerce by 14.0% during 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. JPMorgan Chase & Co. increased its stake in Canadian Imperial Bank of Commerce by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock worth $359,320,000 after acquiring an additional 334,545 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock valued at $262,598,000 after purchasing an additional 336,854 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its holdings 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 during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CM shares. 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. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. One 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. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $61.82 on Thursday. The firm has a 50-day moving average of $63.12 and a two-hundred day moving average of $61.40. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $58.26 billion, a P/E ratio of 11.56, a PEG ratio of 1.64 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 1-year low of $45.84 and a 1-year high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were paid a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date was 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 (DPR) is 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.