Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 51.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 959,012 shares of the bank's stock after selling 998,013 shares during the quarter. Federated Hermes Inc. owned 0.10% of Canadian Imperial Bank of Commerce worth $60,638,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Crews Bank & Trust purchased a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $25,000. SBI Securities Co. Ltd. purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at $30,000. Sandy Spring Bank bought a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at $32,000. IFP Advisors Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 318.1% during the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock valued at $34,000 after purchasing an additional 404 shares during the period. Finally, Lee Danner & Bass Inc. purchased a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth about $44,000. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on CM. 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 note on Wednesday, January 8th. StockNews.com lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday, April 4th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $92.00.

Remove Ads

Canadian Imperial Bank of Commerce Stock Up 1.3 %

Shares of NYSE:CM traded up $0.71 on Friday, reaching $57.12. The company had a trading volume of 1,105,747 shares, compared to its average volume of 1,152,689. The firm's 50 day simple moving average is $58.45 and its 200-day simple moving average is $61.64. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45. 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 $53.69 billion, a PE ratio of 10.68, a PEG ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a $0.6723 dividend. The ex-dividend date of this dividend 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 payout ratio is 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.