Allspring Global Investments Holdings LLC Reduces Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Allspring Global Investments Holdings LLC trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 54.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 103,242 shares of the bank's stock after selling 124,747 shares during the period. Allspring Global Investments Holdings LLC's holdings in Canadian Imperial Bank of Commerce were worth $5,809,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Rhumbline Advisers raised its stake in shares of Canadian Imperial Bank of Commerce by 12.6% in the fourth quarter. Rhumbline Advisers now owns 3,622 shares of the bank's stock valued at $229,000 after acquiring an additional 404 shares during the last quarter. IFP Advisors Inc lifted its stake in Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock valued at $34,000 after buying an additional 404 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of Canadian Imperial Bank of Commerce by 14.8% during the fourth quarter. Jones Financial Companies Lllp now owns 14,550 shares of the bank's stock worth $920,000 after buying an additional 1,875 shares during the period. SBI Securities Co. Ltd. acquired a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth $30,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 1,307.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 788 shares of the bank's stock valued at $50,000 after acquiring an additional 732 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM traded down $0.03 on Monday, reaching $72.12. 1,192,999 shares of the company's stock traded hands, compared to its average volume of 1,145,940. The stock has a market cap of $67.80 billion, a PE ratio of 12.67, a P/E/G ratio of 1.57 and a beta of 1.05. The stock has a 50-day simple moving average of $67.37 and a 200 day simple moving average of $62.71. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $47.55 and a 12 month high of $72.63.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The company's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.75 earnings per share. As a group, research 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 business also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be issued a dividend of $0.7024 per share. This represents a $2.81 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 49.56%.

Analyst Upgrades and Downgrades

CM has been the topic of a number of recent analyst reports. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th. Royal Bank Of Canada lifted their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Finally, Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $109.00.

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.