First Bank & Trust Sells 5,277 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

First Bank & Trust lowered its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 14.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,052 shares of the bank's stock after selling 5,277 shares during the period. First Bank & Trust's holdings in Canadian Imperial Bank of Commerce were worth $1,748,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Rhumbline Advisers raised its stake in shares of Canadian Imperial Bank of Commerce by 12.6% during the fourth quarter. Rhumbline Advisers now owns 3,622 shares of the bank's stock worth $229,000 after acquiring an additional 404 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank's stock valued at $34,000 after purchasing an additional 404 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Canadian Imperial Bank of Commerce by 7.3% during the 4th quarter. Bank of New York Mellon Corp now owns 868,803 shares of the bank's stock valued at $54,934,000 after purchasing an additional 58,830 shares during the last quarter. Jones Financial Companies Lllp raised its position in Canadian Imperial Bank of Commerce by 14.8% in the 4th quarter. Jones Financial Companies Lllp now owns 14,550 shares of the bank's stock worth $920,000 after purchasing an additional 1,875 shares during the period. Finally, SBI Securities Co. Ltd. bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth $30,000. Institutional investors own 49.88% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CM shares. National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" 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 report on Saturday, May 24th. BMO Capital Markets increased their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Finally, Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and an average price target of $109.00.

Canadian Imperial Bank of Commerce Trading Up 0.5%

NYSE:CM traded up $0.35 during mid-day trading on Thursday, reaching $72.06. 694,837 shares of the company's stock traded hands, compared to its average volume of 1,143,583. The company has a 50 day moving average price of $67.15 and a 200-day moving average price of $62.68. The firm has a market capitalization of $67.75 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.56 and a beta of 1.05. 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 $72.81.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.10. The firm had revenue of $5.09 billion for the quarter, compared to analysts' expectations 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 business's revenue was up 13.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.75 earnings per share. On average, sell-side 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 announced a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.7024 per share. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.90%. Canadian Imperial Bank of Commerce's payout ratio is presently 49.56%.

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.