Park Place Capital Corp Decreases Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Park Place Capital Corp trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 44.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,989 shares of the bank’s stock after selling 2,409 shares during the quarter. Park Place Capital Corp’s holdings in Canadian Imperial Bank of Commerce were worth $189,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Atomi Financial Group Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 19.5% during the fourth quarter. Atomi Financial Group Inc. now owns 9,415 shares of the bank’s stock worth $595,000 after buying an additional 1,536 shares in the last quarter. Addenda Capital Inc. raised its holdings in Canadian Imperial Bank of Commerce by 5.9% in the fourth quarter. Addenda Capital Inc. now owns 545,010 shares of the bank’s stock valued at $34,461,000 after acquiring an additional 30,382 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Canadian Imperial Bank of Commerce by 27.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank’s stock worth $73,000 after acquiring an additional 250 shares during the last quarter. Nexus Investment Management ULC grew its holdings in Canadian Imperial Bank of Commerce by 0.9% during the 4th quarter. Nexus Investment Management ULC now owns 74,142 shares of the bank’s stock worth $4,679,000 after acquiring an additional 640 shares in the last quarter. Finally, HB Wealth Management LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $228,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $63.62 on Thursday. 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 capitalization of $59.96 billion, a P/E ratio of 11.89, a P/E/G ratio of 1.65 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company’s fifty day moving average price is $64.16 and its 200 day moving average price is $59.65.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be given a dividend of $0.6912 per share. The ex-dividend date is Friday, December 27th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.35%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s payout ratio is 51.21%.

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.