Pinnacle Financial Partners Inc Has $11.35 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Pinnacle Financial Partners Inc decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 2.9% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 201,547 shares of the bank's stock after selling 6,001 shares during the period. Pinnacle Financial Partners Inc's holdings in Canadian Imperial Bank of Commerce were worth $11,347,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Rhumbline Advisers grew its holdings 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 acquiring an additional 404 shares in the last quarter. IFP Advisors Inc grew its stake in Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock valued at $34,000 after purchasing an additional 404 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Canadian Imperial Bank of Commerce by 7.3% in 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 purchasing an additional 58,830 shares in the last quarter. Jones Financial Companies Lllp increased its position 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 purchasing an additional 1,875 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Jefferies Financial Group downgraded shares of 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 shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th. BMO Capital Markets raised their target price on shares of 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, 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 report on Friday, May 30th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and an average price target of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

CM stock traded up $0.35 during midday trading on Friday, reaching $72.06. 694,837 shares of the company were exchanged, compared to its average volume of 1,145,752. Canadian Imperial Bank of Commerce has a one year low of $47.55 and a one year high of $72.17. The firm has a market capitalization of $67.75 billion, a price-to-earnings ratio of 12.66, a price-to-earnings-growth ratio of 1.57 and a beta of 1.05. The business has a 50-day moving average price of $67.37 and a two-hundred day moving average price of $62.72. 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 (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 the consensus estimate of $1.34 by $0.10. The business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. Canadian Imperial Bank of Commerce's revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.75 EPS. 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 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 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date of this dividend 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 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.