Federated Hermes Inc. trimmed its holdings in Canadian Imperial Bank of Commerce (NYSE:CM – Free Report) TSE: CM by 5.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,066,907 shares of the bank’s stock after selling 127,196 shares during the period. Federated Hermes Inc. owned 0.22% of Canadian Imperial Bank of Commerce worth $99,501,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Canadian Imperial Bank of Commerce by 15.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 335,143 shares of the bank’s stock valued at $16,216,000 after purchasing an additional 45,231 shares in the last quarter. Lipe & Dalton lifted its stake in shares of Canadian Imperial Bank of Commerce by 0.6% in the 4th quarter. Lipe & Dalton now owns 90,470 shares of the bank’s stock valued at $4,355,000 after purchasing an additional 550 shares in the last quarter. Wealth Alliance lifted its stake in shares of Canadian Imperial Bank of Commerce by 7.8% in the 4th 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. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 1.4% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,308 shares of the bank’s stock valued at $102,524,000 after purchasing an additional 30,286 shares in the last quarter. Finally, Triasima Portfolio Management inc. acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $35,234,000. 49.88% of the stock is owned by institutional investors and hedge funds.
Canadian Imperial Bank of Commerce Stock Up 0.7 %
Shares of NYSE:CM traded up $0.34 during mid-day trading on Friday, hitting $47.56. 3,535,321 shares of the company traded hands, compared to its average volume of 1,844,795. The firm has a market cap of $44.59 billion, a P/E ratio of 9.83, a PEG ratio of 2.21 and a beta of 1.06. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 52-week low of $34.35 and a 52-week high of $51.14. The firm’s 50 day simple moving average is $48.43 and its 200 day simple moving average is $44.25.
Canadian Imperial Bank of Commerce (NYSE:CM – Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, February 29th. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $4.47 billion. On average, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current year.
Canadian Imperial Bank of Commerce Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 29th. Shareholders of record on Thursday, March 28th will be issued a dividend of $0.6634 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. This represents a $2.65 annualized dividend and a yield of 5.58%. Canadian Imperial Bank of Commerce’s payout ratio is currently 26.45%.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on CM shares. Barclays started coverage on Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They issued an “underweight” rating on the stock. Scotiabank upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a report on Tuesday, February 20th. Finally, Jefferies Financial Group initiated coverage on Canadian Imperial Bank of Commerce in a report on Thursday, February 22nd. They set a “buy” rating on the stock. One equities research 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.
View Our Latest Stock Analysis on CM
About Canadian Imperial Bank of Commerce
(Free Report)
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.
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