Triasima Portfolio Management inc. Sells 30,132 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Triasima Portfolio Management inc. cut its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 10.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 251,784 shares of the bank's stock after selling 30,132 shares during the quarter. Canadian Imperial Bank of Commerce comprises approximately 3.1% of Triasima Portfolio Management inc.'s holdings, making the stock its 3rd largest position. Triasima Portfolio Management inc.'s holdings in Canadian Imperial Bank of Commerce were worth $15,919,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Crews Bank & Trust bought a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $25,000. BNP Paribas Financial Markets acquired a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at approximately $44,000. Blue Trust Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 571.6% during the third quarter. Blue Trust Inc. now owns 732 shares of the bank's stock valued at $45,000 after purchasing an additional 623 shares during the period. Versant Capital Management Inc raised its stake in shares of Canadian Imperial Bank of Commerce by 1,069.4% in the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank's stock valued at $46,000 after purchasing an additional 663 shares in the last quarter. Finally, City State Bank bought a new position in Canadian Imperial Bank of Commerce in the third quarter worth $61,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently 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 increased their price objective for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded up $0.08 during midday trading on Tuesday, reaching $61.47. 261,748 shares of the company's stock traded hands, compared to its average volume of 1,074,478. Canadian Imperial Bank of Commerce has a 1-year low of $43.86 and a 1-year high of $67.45. The company has a market cap of $57.93 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 1.64 and a beta of 1.05. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a 50-day simple moving average of $63.66 and a two-hundred day simple moving average of $60.93.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 27th were given a $0.6912 dividend. This represents a $2.76 annualized dividend and a yield of 4.50%. The ex-dividend date was Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce's payout ratio is 51.22%.

Canadian Imperial Bank of Commerce Company 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.