K.J. Harrison & Partners Inc Lowers Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

K.J. Harrison & Partners Inc reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 25.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 163,268 shares of the bank's stock after selling 55,752 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 1.8% of K.J. Harrison & Partners Inc's portfolio, making the stock its 8th largest holding. K.J. Harrison & Partners Inc's holdings in Canadian Imperial Bank of Commerce were worth $9,193,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its stake in shares of Canadian Imperial Bank of Commerce by 12.6% in the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank's stock valued at $229,000 after purchasing an additional 404 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Canadian Imperial Bank of Commerce by 318.1% during the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after buying an additional 404 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Canadian Imperial Bank of Commerce by 7.3% during the fourth quarter. Bank of New York Mellon Corp now owns 868,803 shares of the bank's stock valued at $54,934,000 after acquiring an additional 58,830 shares during the period. Williamson Legacy Group LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $245,000. Finally, Jones Financial Companies Lllp boosted its stake in shares of Canadian Imperial Bank of Commerce by 14.8% during the 4th quarter. Jones Financial Companies Lllp now owns 14,550 shares of the bank's stock worth $920,000 after acquiring an additional 1,875 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. BMO Capital Markets raised their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Scotiabank started coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating for the company. Royal Bank Of Canada upped their target price on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Finally, National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and an average price target of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded up $1.19 during trading hours on Monday, reaching $70.87. 1,887,713 shares of the company were exchanged, compared to its average volume of 1,145,602. The firm has a market cap of $66.63 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.51 and a beta of 1.05. The stock has a 50-day moving average of $66.21 and a 200 day moving average of $62.49. Canadian Imperial Bank of Commerce has a 12 month low of $47.11 and a 12 month high of $70.96. 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 released its 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. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same quarter last year, the firm posted $1.75 EPS. The company's revenue was up 13.9% on a year-over-year basis. As a group, research analysts anticipate 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 will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be paid a $0.7024 dividend. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.96%. 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. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 49.56%.

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.