Truist Financial Corp Has $11.98 Million Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Truist Financial Corp decreased its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 10.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 248,933 shares of the bank's stock after selling 30,189 shares during the period. Truist Financial Corp's holdings in Canadian Imperial Bank of Commerce were worth $11,984,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Lorne Steinberg Wealth Management Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 9.9% in the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 162,137 shares of the bank's stock worth $7,808,000 after buying an additional 14,626 shares during the period. Signaturefd LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 22.6% in the fourth quarter. Signaturefd LLC now owns 19,219 shares of the bank's stock worth $925,000 after purchasing an additional 3,549 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Canadian Imperial Bank of Commerce by 15.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 335,143 shares of the bank's stock valued at $16,216,000 after acquiring an additional 45,231 shares during the period. Lipe & Dalton increased its stake in Canadian Imperial Bank of Commerce by 0.6% during the fourth quarter. Lipe & Dalton now owns 90,470 shares of the bank's stock valued at $4,355,000 after acquiring an additional 550 shares during the period. Finally, Wealth Alliance boosted its holdings in Canadian Imperial Bank of Commerce by 7.8% during the fourth quarter. Wealth Alliance now owns 13,689 shares of the bank's stock valued at $659,000 after purchasing an additional 990 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

Wall Street Analysts Forecast Growth

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

Canadian Imperial Bank of Commerce Stock Performance

CM stock traded up $0.43 during midday trading on Thursday, hitting $47.31. The company's stock had a trading volume of 753,409 shares, compared to its average volume of 1,759,145. The stock has a market cap of $44.37 billion, a price-to-earnings ratio of 9.77, a PEG ratio of 2.19 and a beta of 1.07. The stock's 50-day moving average price is $48.73 and its 200 day moving average price is $44.88. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings data 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. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. The company had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.47 billion. On average, equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 29th. Investors of record on Thursday, March 28th were issued a dividend of $0.6634 per share. The ex-dividend date was Wednesday, March 27th. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.66. This represents a $2.65 annualized dividend and a yield of 5.61%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 26.45%.

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.