National Bank of Canada FI Sells 3,059,838 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

National Bank of Canada FI trimmed its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 19.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,866,940 shares of the bank's stock after selling 3,059,838 shares during the period. Canadian Imperial Bank of Commerce comprises 1.0% of National Bank of Canada FI's holdings, making the stock its 17th largest position. National Bank of Canada FI owned approximately 1.38% of Canadian Imperial Bank of Commerce worth $615,515,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Intact Investment Management Inc. increased its holdings in Canadian Imperial Bank of Commerce by 299.1% during the third quarter. Intact Investment Management Inc. now owns 2,575,873 shares of the bank's stock worth $99,428,000 after buying an additional 1,930,440 shares during the last quarter. Triasima Portfolio Management inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $35,234,000. Public Sector Pension Investment Board increased its stake in shares of Canadian Imperial Bank of Commerce by 177.6% during the 3rd quarter. Public Sector Pension Investment Board now owns 990,605 shares of the bank's stock worth $38,415,000 after purchasing an additional 633,770 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 33,841,855 shares of the bank's stock valued at $1,306,634,000 after purchasing an additional 544,942 shares during the period. Finally, Toronto Dominion Bank lifted its stake in Canadian Imperial Bank of Commerce by 1.8% in the 3rd quarter. Toronto Dominion Bank now owns 26,965,878 shares of the bank's stock valued at $1,041,153,000 after purchasing an additional 476,342 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Analyst Upgrades and Downgrades

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

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM traded up $0.57 during midday trading on Friday, hitting $47.88. The stock had a trading volume of 834,741 shares, compared to its average volume of 1,297,803. The company's 50-day moving average price is $48.75 and its 200-day moving average price is $44.95. 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 fifty-two week low of $34.35 and a fifty-two week high of $51.14. The company has a market capitalization of $44.91 billion, a P/E ratio of 9.89, a price-to-earnings-growth ratio of 2.22 and a beta of 1.07.

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 for the quarter, beating analysts' consensus estimates of $1.24 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 10.79% and a return on equity of 13.07%. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.47 billion. As a group, equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed 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. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $2.65 annualized dividend and a dividend yield of 5.54%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 54.75%.

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.