Allspring Global Investments Holdings LLC Buys Shares of 77,200 Canadian Imperial Bank of Commerce (NYSE:CM)

Allspring Global Investments Holdings LLC purchased a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 77,200 shares of the bank's stock, valued at approximately $4,741,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Blue Trust Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank's stock worth $45,000 after acquiring an additional 623 shares during the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 7.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 6,908 shares of the bank's stock worth $424,000 after acquiring an additional 460 shares during the last quarter. Sunpointe LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $226,000. Nexus Investment Management ULC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 0.6% in the 3rd quarter. Nexus Investment Management ULC now owns 73,502 shares of the bank's stock worth $4,514,000 after acquiring an additional 472 shares during the last quarter. Finally, Creative Planning lifted its holdings in shares of Canadian Imperial Bank of Commerce by 12.8% in the 3rd quarter. Creative Planning now owns 67,492 shares of the bank's stock worth $4,140,000 after acquiring an additional 7,670 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

CM has been the subject of a number of recent research reports. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a report on Friday, August 2nd. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a research report on Friday, August 30th. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Saturday, October 19th. BMO Capital Markets raised their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an "outperform" rating in a research note on Friday, August 30th. Finally, UBS Group assumed coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They set a "neutral" rating on the stock. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of "Hold" and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Trading Down 0.2 %

Canadian Imperial Bank of Commerce stock traded down $0.13 during mid-day trading on Tuesday, reaching $63.17. 760,372 shares of the company traded hands, compared to its average volume of 1,438,772. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm's 50 day moving average price is $60.00 and its 200 day moving average price is $52.85. The firm has a market capitalization of $59.57 billion, a price-to-earnings ratio of 13.02, a P/E/G ratio of 1.82 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 52-week low of $34.85 and a 52-week high of $63.53.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.19. The business had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The company's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.14 EPS. On average, analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were given a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce's payout ratio is currently 54.73%.

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.