CIBC Private Wealth Group LLC Sells 30,860 Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (2024)

CIBC Private Wealth Group LLC lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM – Free Report) (TSE:CM) by 44.3% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,798 shares of the bank’s stock after selling 30,860 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Canadian Imperial Bank of Commerce were worth $1,868,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CM. J.P. Morgan Private Wealth Advisors LLC increased its stake in Canadian Imperial Bank of Commerce by 13.5% during the 3rd quarter. J.P. Morgan Private Wealth Advisors LLC now owns 33,128 shares of the bank’s stock valued at $1,279,000 after purchasing an additional 3,935 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Canadian Imperial Bank of Commerce by 44.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,900 shares of the bank’s stock valued at $266,000 after purchasing an additional 2,131 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Canadian Imperial Bank of Commerce by 1.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 74,015 shares of the bank’s stock valued at $2,857,000 after purchasing an additional 917 shares in the last quarter. Van ECK Associates Corp increased its stake in Canadian Imperial Bank of Commerce by 13.4% during the 3rd quarter. Van ECK Associates Corp now owns 104,944 shares of the bank’s stock valued at $4,053,000 after purchasing an additional 12,376 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at $267,000. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $48.99 on Friday. The company’s 50-day moving average is $48.61 and its 200 day moving average is $47.07. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market capitalization of $46.20 billion, a P/E ratio of 10.08, a price-to-earnings-growth ratio of 1.94 and a beta of 1.06. Canadian Imperial Bank of Commerce has a fifty-two week low of $34.35 and a fifty-two week high of $51.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be issued a $0.653 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 5.33%. The ex-dividend date of this dividend is Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 54.53%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. Jefferies Financial Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, February 22nd. They set a “buy” rating on the stock. BMO Capital Markets lifted their price objective on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a report on Friday, May 31st. Barclays assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They set an “underweight” rating on the stock. Finally, Scotiabank raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $67.00.

Check Out Our Latest Research Report on CM

Canadian Imperial Bank of Commerce Profile

(Free Report)

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.

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