DAVENPORT & Co LLC Has $1.65 Million Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

DAVENPORT & Co LLC trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 47.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,067 shares of the bank's stock after selling 23,091 shares during the period. DAVENPORT & Co LLC's holdings in Canadian Imperial Bank of Commerce were worth $1,648,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Crews Bank & Trust acquired a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at $25,000. BNP Paribas Financial Markets acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter valued at $44,000. Versant Capital Management Inc increased its stake in 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 last quarter. Blue Trust Inc. increased its stake in Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank's stock valued at $45,000 after buying an additional 623 shares during the last quarter. Finally, City State Bank acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter valued at $61,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CM has been the subject of a number of analyst reports. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Tuesday, February 4th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM traded up $0.40 during trading on Friday, reaching $62.30. The company's stock had a trading volume of 784,716 shares, compared to its average volume of 1,094,838. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $58.71 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 1.64 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $43.86 and a 12 month high of $67.45. The firm has a 50 day moving average price of $63.71 and a 200 day moving average price of $60.78.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th were given a $0.6912 dividend. The ex-dividend date of this dividend was Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. This represents a $2.76 annualized dividend and a dividend yield of 4.44%. Canadian Imperial Bank of Commerce's payout ratio is presently 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.