Cardinal Capital Management Inc. Sells 374,330 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Cardinal Capital Management Inc. decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 16.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,894,773 shares of the bank's stock after selling 374,330 shares during the period. Canadian Imperial Bank of Commerce comprises 4.1% of Cardinal Capital Management Inc.'s portfolio, making the stock its 8th largest holding. Cardinal Capital Management Inc. owned 0.20% of Canadian Imperial Bank of Commerce worth $119,588,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CM. BNP Paribas Financial Markets purchased a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter valued at approximately $44,000. Versant Capital Management Inc lifted 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 valued at $46,000 after buying an additional 663 shares during the period. Blue Trust Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank's stock valued at $45,000 after buying an additional 623 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in 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 worth $56,000 after acquiring an additional 171 shares during the period. Finally, City State Bank purchased a new position in Canadian Imperial Bank of Commerce in the third quarter worth $61,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM traded down $0.03 during trading hours on Thursday, reaching $63.60. The company's stock had a trading volume of 828,907 shares, compared to its average volume of 1,226,422. 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 company's 50-day moving average is $64.15 and its two-hundred day moving average is $59.68. Canadian Imperial Bank of Commerce has a fifty-two week low of $43.86 and a fifty-two week high of $67.45. The stock has a market cap of $59.94 billion, a PE ratio of 11.89, a PEG ratio of 1.67 and a beta of 1.06.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be paid a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.35%. This is a boost 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 (DPR) is 51.22%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CM. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Monday, January 6th. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and upped their target price for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of "Hold" and an average target price of $92.00.

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.