Toronto Dominion Bank trimmed its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 15.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,903,927 shares of the bank's stock after selling 4,037,850 shares during the period. Canadian Imperial Bank of Commerce comprises about 2.4% of Toronto Dominion Bank's investment portfolio, making the stock its 9th largest position. Toronto Dominion Bank owned about 2.32% of Canadian Imperial Bank of Commerce worth $1,343,587,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Public Sector Pension Investment Board lifted its holdings in Canadian Imperial Bank of Commerce by 32.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank's stock valued at $228,043,000 after purchasing an additional 900,575 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Canadian Imperial Bank of Commerce by 3.3% during the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank's stock valued at $342,946,000 after acquiring an additional 228,130 shares during the last quarter. Ritholtz Wealth Management increased its stake in shares of Canadian Imperial Bank of Commerce by 140.6% during the 3rd quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank's stock valued at $878,000 after acquiring an additional 8,362 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Canadian Imperial Bank of Commerce by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank's stock valued at $696,659,000 after acquiring an additional 375,837 shares during the last quarter. Finally, Atlanta Consulting Group Advisors LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $671,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.
Canadian Imperial Bank of Commerce Stock Up 1.1 %
Shares of CM traded up $0.76 during mid-day trading on Wednesday, reaching $67.24. 379,542 shares of the stock traded hands, compared to its average volume of 1,359,905. The firm has a market cap of $63.51 billion, a price-to-earnings ratio of 12.56, a P/E/G ratio of 1.76 and a beta of 1.06. The stock has a fifty day simple moving average of $63.32 and a 200 day simple moving average of $56.42. Canadian Imperial Bank of Commerce has a 12-month low of $42.59 and a 12-month high of $67.45. 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 Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be given a dividend of $0.6912 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.11%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 53.46%.
Analyst Ratings Changes
A number of research analysts have recently commented on the stock. BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an "outperform" rating in a research note on Friday, August 30th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $97.00 price objective (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, December 6th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Friday, December 6th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a report on Friday, August 30th. Finally, Cormark upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.
Read Our Latest Stock Analysis on CM
About Canadian Imperial Bank of Commerce
(
Free Report)
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.
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