Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 188,795 shares of the bank’s stock after selling 9,769 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $11,937,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Toronto Dominion Bank boosted its holdings in Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares in the last quarter. CIBC Asset Management Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 3.4% in the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after buying an additional 375,837 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after acquiring an additional 1,305,665 shares during the period. Legal & General Group Plc raised its position in Canadian Imperial Bank of Commerce by 3.3% in the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after acquiring an additional 228,130 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Canadian Imperial Bank of Commerce by 61.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank’s stock valued at $334,321,000 after acquiring an additional 2,681,428 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CM has been the subject of a number of research analyst reports. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Monday, January 6th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $62.61 on Tuesday. The company’s 50-day moving average is $64.22 and its two-hundred day moving average is $59.44. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $43.86 and a 12-month high of $67.45. The firm has a market cap of $59.00 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 1.65 and a beta of 1.06.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be issued a $0.6912 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 4.42%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Friday, December 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 51.22%.

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.