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

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

Other hedge funds have also recently bought and sold shares of the company. Crews Bank & Trust purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth $25,000. SBI Securities Co. Ltd. purchased a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth about $30,000. IFP Advisors Inc boosted its holdings in shares of 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 buying an additional 404 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth about $44,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1,069.4% in the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock worth $46,000 after buying an additional 663 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $57.47 on Wednesday. The firm has a market cap of $54.15 billion, a PE ratio of 10.74, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.50 and a fifty-two week 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 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 company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be issued a $0.6723 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.68%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 47.67%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CM. StockNews.com raised 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 raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Hold” and an average target price of $92.00.

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.