Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Addenda Capital Inc.

Addenda Capital Inc. cut its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 16.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 454,349 shares of the bank's stock after selling 90,661 shares during the period. Canadian Imperial Bank of Commerce comprises about 1.2% of Addenda Capital Inc.'s investment portfolio, making the stock its 24th biggest position. Addenda Capital Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $25,580,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. GAMMA Investing LLC grew its position in Canadian Imperial Bank of Commerce by 5,530.0% in the first quarter. GAMMA Investing LLC now owns 20,437 shares of the bank's stock worth $1,151,000 after acquiring an additional 20,074 shares in the last quarter. Versant Capital Management Inc grew its position in Canadian Imperial Bank of Commerce by 607.7% in the first quarter. Versant Capital Management Inc now owns 5,131 shares of the bank's stock worth $289,000 after acquiring an additional 4,406 shares in the last quarter. Wellington Management Group LLP grew its position in Canadian Imperial Bank of Commerce by 21.4% in the fourth quarter. Wellington Management Group LLP now owns 210,127 shares of the bank's stock worth $13,285,000 after acquiring an additional 37,015 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Canadian Imperial Bank of Commerce by 4.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock worth $255,000 after acquiring an additional 194 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in Canadian Imperial Bank of Commerce by 41.1% in the fourth quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after acquiring an additional 1,990,520 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Canadian Imperial Bank of Commerce Trading Up 0.8%

Shares of NYSE:CM traded up $0.54 during mid-day trading on Thursday, reaching $68.40. 225,352 shares of the company were exchanged, compared to its average volume of 1,123,765. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $64.31 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 1.62 and a beta of 1.05. The firm's 50-day simple moving average is $62.20 and its 200 day simple moving average is $62.08. Canadian Imperial Bank of Commerce has a 1 year low of $46.99 and a 1 year high of $69.88.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating the consensus estimate of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 11.10% and a return on equity of 14.01%. The company had revenue of $5.09 billion during the quarter, compared to analysts' expectations of $4.78 billion. During the same quarter last year, the company posted $1.75 EPS. The firm's revenue was up 13.9% compared to the same quarter last year. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Shareholders of record on Friday, June 27th will be given a $0.7024 dividend. This represents a $2.81 annualized dividend and a yield of 4.11%. The ex-dividend date is Friday, June 27th. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 49.56%.

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.