Raymond James & Associates Sells 55,599 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Raymond James & Associates decreased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 6.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 797,044 shares of the bank's stock after selling 55,599 shares during the period. Raymond James & Associates owned approximately 0.09% of Canadian Imperial Bank of Commerce worth $38,370,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CM. Wellington Management Group LLP boosted its position in Canadian Imperial Bank of Commerce by 187.3% in the third quarter. Wellington Management Group LLP now owns 266,581 shares of the bank's stock valued at $10,338,000 after buying an additional 173,801 shares during the last quarter. CenterBook Partners LP purchased a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at approximately $4,509,000. American Century Companies Inc. boosted its position in Canadian Imperial Bank of Commerce by 8.7% in the third quarter. American Century Companies Inc. now owns 177,501 shares of the bank's stock valued at $6,852,000 after buying an additional 14,141 shares during the last quarter. Bank of Nova Scotia Trust Co. boosted its position in Canadian Imperial Bank of Commerce by 20.4% in the third quarter. Bank of Nova Scotia Trust Co. now owns 563,792 shares of the bank's stock valued at $21,768,000 after buying an additional 95,463 shares during the last quarter. Finally, Value Partners Investments Inc. boosted its position in Canadian Imperial Bank of Commerce by 11.8% in the third quarter. Value Partners Investments Inc. now owns 1,673,324 shares of the bank's stock valued at $64,890,000 after buying an additional 176,750 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

CM has been the topic of several recent research reports. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Friday, December 8th. Bank of America upgraded Canadian Imperial Bank of Commerce from an "underperform" rating to a "neutral" rating in a research report on Monday, December 18th. Jefferies Financial Group initiated coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They issued a "buy" rating on the stock. National Bank Financial upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating in a research report on Wednesday, December 20th. Finally, Barclays began coverage on Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They issued an "underweight" rating on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $63.00.

Canadian Imperial Bank of Commerce Trading Up 1.3 %

Canadian Imperial Bank of Commerce stock traded up $0.65 during midday trading on Friday, reaching $50.72. 1,337,841 shares of the stock traded hands, compared to its average volume of 2,318,791. The company has a 50-day simple moving average of $47.30 and a two-hundred day simple moving average of $43.25. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14. The firm has a market cap of $47.55 billion, a PE ratio of 10.48, a price-to-earnings-growth ratio of 2.35 and a beta of 1.05. 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 posted its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.24 by $0.10. The company had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.47 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. Research analysts expect that Canadian Imperial Bank of Commerce will post 5.04 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 29th. Shareholders of record on Thursday, March 28th will be given a dividend of $0.6634 per share. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.66. The ex-dividend date is Wednesday, March 27th. This represents a $2.65 annualized dividend and a yield of 5.23%. Canadian Imperial Bank of Commerce's payout ratio is 26.45%.

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.