Truist Financial Corp Sells 57,667 Shares of Canadian Imperial Bank of Commerce $CM

Truist Financial Corp lessened its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 67.2% during the third quarter, HoldingsChannel reports. The firm owned 28,178 shares of the bank’s stock after selling 57,667 shares during the quarter. Truist Financial Corp’s holdings in Canadian Imperial Bank of Commerce were worth $2,251,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CM. Sivia Capital Partners LLC acquired a new stake in Canadian Imperial Bank of Commerce in the second quarter valued at about $262,000. Ameritas Advisory Services LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter worth about $34,000. DAVENPORT & Co LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 2.2% in the 2nd quarter. DAVENPORT & Co LLC now owns 25,720 shares of the bank’s stock valued at $1,822,000 after purchasing an additional 555 shares in the last quarter. US Bancorp DE grew its holdings in shares of Canadian Imperial Bank of Commerce by 6.9% during the 2nd quarter. US Bancorp DE now owns 15,538 shares of the bank’s stock valued at $1,101,000 after purchasing an additional 1,008 shares during the last quarter. Finally, JB Capital LLC acquired a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $207,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Up 2.3%

Shares of NYSE:CM opened at $96.74 on Friday. The firm has a market cap of $89.64 billion, a P/E ratio of 15.89, a P/E/G ratio of 1.29 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $96.96. The business has a fifty day simple moving average of $91.97 and a 200 day simple moving average of $83.67. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the previous year, the company posted $1.91 EPS. The business’s revenue was up 14.5% on a year-over-year basis. Analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th were given a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a yield of 4.4%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s payout ratio is currently 50.25%.

Analysts Set New Price Targets

CM has been the subject of several research reports. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Raymond James Financial assumed coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They issued a “market perform” rating for the company. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Finally, Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.