Stifel Financial Corp Trims Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Stifel Financial Corp reduced its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 46.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,047 shares of the bank's stock after selling 76,606 shares during the quarter. Stifel Financial Corp's holdings in Canadian Imperial Bank of Commerce were worth $5,567,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Crews Bank & Trust purchased a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $25,000. Operose Advisors LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth about $26,000. SBI Securities Co. Ltd. bought a new stake in Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $30,000. Sandy Spring Bank purchased a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth approximately $32,000. Finally, IFP Advisors Inc grew its position in Canadian Imperial Bank of Commerce by 318.1% during the fourth 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. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded up $0.13 during mid-day trading on Monday, hitting $63.85. The company had a trading volume of 76,345 shares, compared to its average volume of 1,107,453. The company has a market capitalization of $60.03 billion, a price-to-earnings ratio of 11.93, a P/E/G ratio of 1.62 and a beta of 1.06. The company has a 50-day moving average price of $58.11 and a 200 day moving average price of $61.60. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $46.99 and a 12-month high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Friday, March 28th were issued a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.21%. The ex-dividend date was Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 48.03%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CM. Jefferies Financial Group lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Wednesday, April 30th. Finally, Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and upped their price target for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $92.00.

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.