Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 47.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,175 shares of the bank's stock after selling 8,260 shares during the period. Verdence Capital Advisors LLC's holdings in Canadian Imperial Bank of Commerce were worth $580,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter worth approximately $243,000. US Bancorp DE boosted its position in shares of Canadian Imperial Bank of Commerce by 6.3% in the third quarter. US Bancorp DE now owns 15,280 shares of the bank's stock worth $937,000 after buying an additional 906 shares during the period. Gold Investment Management Ltd. grew its stake in shares of Canadian Imperial Bank of Commerce by 0.7% in the third quarter. Gold Investment Management Ltd. now owns 54,225 shares of the bank's stock valued at $3,326,000 after buying an additional 387 shares in the last quarter. Fiera Capital Corp lifted its position in Canadian Imperial Bank of Commerce by 2.1% during the 3rd quarter. Fiera Capital Corp now owns 36,881 shares of the bank's stock worth $2,265,000 after acquiring an additional 772 shares in the last quarter. Finally, Assetmark Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 18.8% in the 3rd quarter. Assetmark Inc. now owns 29,181 shares of the bank's stock worth $1,790,000 after acquiring an additional 4,610 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

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Canadian Imperial Bank of Commerce Stock Down 1.9 %

NYSE CM traded down $1.06 on Monday, hitting $55.66. 699,023 shares of the stock traded hands, compared to its average volume of 984,092. 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 stock has a 50-day moving average of $61.85 and a 200 day moving average of $62.16. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month high of $67.45. The company has a market capitalization of $52.45 billion, a P/E ratio of 10.40, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be issued a $0.6723 dividend. This represents a $2.69 annualized dividend and a dividend yield of 4.83%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 48.03%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research 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 upped their price objective for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, 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.