Allspring Global Investments Holdings LLC Sells 124,747 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Allspring Global Investments Holdings LLC cut its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 54.7% during the first quarter, according to its most recent 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 quarter. 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.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CM. Gold Investment Management Ltd. grew its position in Canadian Imperial Bank of Commerce by 2.7% during the 1st quarter. Gold Investment Management Ltd. now owns 56,625 shares of the bank's stock valued at $3,187,000 after purchasing an additional 1,508 shares during the last quarter. Achmea Investment Management B.V. grew its position in Canadian Imperial Bank of Commerce by 18.1% during the 1st quarter. Achmea Investment Management B.V. now owns 384,637 shares of the bank's stock valued at $21,633,000 after purchasing an additional 58,970 shares during the last quarter. PDS Planning Inc grew its position in Canadian Imperial Bank of Commerce by 5.2% during the 1st quarter. PDS Planning Inc now owns 5,438 shares of the bank's stock valued at $306,000 after purchasing an additional 271 shares during the last quarter. Value Partners Investments Inc. grew its position in Canadian Imperial Bank of Commerce by 952.7% during the 1st quarter. Value Partners Investments Inc. now owns 871,700 shares of the bank's stock valued at $49,085,000 after purchasing an additional 788,894 shares during the last quarter. Finally, Bessemer Group Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 123.9% during the 1st quarter. Bessemer Group Inc. now owns 158,028 shares of the bank's stock valued at $8,898,000 after acquiring an additional 87,439 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded up $1.07 during trading on Wednesday, reaching $72.74. The company had a trading volume of 1,139,243 shares, compared to its average volume of 1,150,361. Canadian Imperial Bank of Commerce has a 52 week low of $47.55 and a 52 week high of $72.76. The firm's 50-day simple moving average is $67.95 and its 200 day simple moving average is $62.89. The firm has a market capitalization of $68.39 billion, a price-to-earnings ratio of 12.78, a price-to-earnings-growth ratio of 1.55 and a beta of 1.05. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The company had revenue of $5.09 billion for the quarter, compared to analysts' expectations of $4.78 billion. During the same period last year, the firm earned $1.75 EPS. Canadian Imperial Bank of Commerce's revenue for the quarter was up 13.9% compared to the same quarter last year. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be issued a $0.7024 dividend. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend is Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 49.56%.

Wall Street Analyst Weigh In

CM has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. Royal Bank Of Canada boosted their target price on shares of 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. BMO Capital Markets increased their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Finally, National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and an average target price of $109.00.

About Canadian Imperial Bank of Commerce

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.