Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Rathbones Group PLC

Rathbones Group PLC decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 6.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 105,748 shares of the bank's stock after selling 7,600 shares during the period. Rathbones Group PLC's holdings in Canadian Imperial Bank of Commerce were worth $6,685,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of CM. PDS Planning Inc increased its position in Canadian Imperial Bank of Commerce by 3.8% during the 4th quarter. PDS Planning Inc now owns 5,167 shares of the bank's stock valued at $327,000 after purchasing an additional 189 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Canadian Imperial Bank of Commerce by 4.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock worth $255,000 after buying an additional 194 shares in the last quarter. Mesirow Financial Investment Management Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 0.7% during the fourth quarter. Mesirow Financial Investment Management Inc. now owns 33,094 shares of the bank's stock worth $2,092,000 after buying an additional 222 shares during the period. MML Investors Services LLC lifted its holdings in Canadian Imperial Bank of Commerce by 0.5% during the third quarter. MML Investors Services LLC now owns 44,008 shares of the bank's stock worth $2,699,000 after buying an additional 237 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its position in Canadian Imperial Bank of Commerce by 27.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank's stock valued at $73,000 after acquiring an additional 250 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

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Analysts Set New Price Targets

CM has been the subject of a number of analyst reports. StockNews.com cut Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Friday, April 4th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their price target for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.71 during midday trading on Friday, hitting $57.12. The company had a trading volume of 1,105,747 shares, compared to its average volume of 1,152,792. The company has a fifty day simple moving average of $58.45 and a 200 day simple moving average of $61.64. The stock has a market cap of $53.69 billion, a price-to-earnings ratio of 10.68, a PEG ratio of 1.62 and a beta of 0.98. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $46.50 and a 12-month high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared 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 is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.71%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 48.03%.

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.