1832 Asset Management L.P. Lowers Stock Holdings in Canadian Imperial Bank of Commerce $CM

1832 Asset Management L.P. cut its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 11.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 469,783 shares of the bank’s stock after selling 60,597 shares during the period. 1832 Asset Management L.P.’s holdings in Canadian Imperial Bank of Commerce were worth $33,275,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CM. American Century Companies Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 5.3% during the 1st quarter. American Century Companies Inc. now owns 315,078 shares of the bank’s stock worth $17,724,000 after buying an additional 15,867 shares in the last quarter. Westerkirk Capital Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth $3,379,000. Legal & General Group Plc raised its stake in shares of Canadian Imperial Bank of Commerce by 4.4% in the second quarter. Legal & General Group Plc now owns 6,183,439 shares of the bank’s stock valued at $438,056,000 after acquiring an additional 262,675 shares in the last quarter. AGF Management Ltd. raised its stake in shares of Canadian Imperial Bank of Commerce by 15.2% in the second quarter. AGF Management Ltd. now owns 881,521 shares of the bank’s stock valued at $62,908,000 after acquiring an additional 116,190 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in Canadian Imperial Bank of Commerce in the first quarter valued at $215,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

CM has been the topic of several recent research reports. Royal Bank Of Canada upped their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a report on Friday, August 29th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Finally, Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating for the company. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 4.4%

CM stock opened at $90.62 on Friday. The stock has a market cap of $84.16 billion, a P/E ratio of 15.31, a PEG ratio of 1.24 and a beta of 1.02. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $90.78. The company’s 50 day moving average is $83.22 and its two-hundred day moving average is $76.45.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Monday, December 29th will be given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 4.7%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend is Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 47.64%.

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.