Pinnacle Financial Partners Inc Sells 6,001 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Pinnacle Financial Partners Inc trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 201,547 shares of the bank's stock after selling 6,001 shares during the quarter. Pinnacle Financial Partners Inc's holdings in Canadian Imperial Bank of Commerce were worth $11,347,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Operose Advisors LLC bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at $26,000. SBI Securities Co. Ltd. purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $30,000. Sandy Spring Bank bought a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at about $32,000. IFP Advisors Inc boosted its position 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 acquiring an additional 404 shares during the last quarter. Finally, Lee Danner & Bass Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth about $44,000. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Up 0.5%

Shares of NYSE CM traded up $0.35 during midday trading on Thursday, reaching $72.06. The company had a trading volume of 694,837 shares, compared to its average volume of 1,143,583. The stock has a market cap of $67.75 billion, a PE ratio of 12.66, a price-to-earnings-growth ratio of 1.56 and a beta of 1.05. Canadian Imperial Bank of Commerce has a one year low of $47.55 and a one year high of $72.17. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The firm's fifty day moving average price is $67.15 and its 200-day moving average price is $62.68.

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 for the quarter, topping analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same period in the prior year, the business posted $1.75 earnings per share. Canadian Imperial Bank of Commerce's revenue for the quarter was up 13.9% on a year-over-year basis. On average, equities 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 business also recently announced a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be given a $0.7024 dividend. This represents a $2.81 annualized dividend and a dividend yield of 3.90%. This is a boost 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 (DPR) is currently 49.56%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating for the company. BMO Capital Markets lifted 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 report on Friday, May 30th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Finally, Royal Bank Of Canada lifted 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 note on Friday, May 30th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and an average price target 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.