77,200 Shares in Canadian Imperial Bank of Commerce (NYSE:CM) Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 77,200 shares of the bank’s stock, valued at approximately $4,741,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after purchasing an additional 623 shares in the last quarter. Bleakley Financial Group LLC raised its position in shares of Canadian Imperial Bank of Commerce by 7.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 6,908 shares of the bank’s stock valued at $424,000 after purchasing an additional 460 shares in the last quarter. Sunpointe LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at approximately $226,000. Nexus Investment Management ULC raised its position in shares of Canadian Imperial Bank of Commerce by 0.6% in the 3rd quarter. Nexus Investment Management ULC now owns 73,502 shares of the bank’s stock valued at $4,514,000 after purchasing an additional 472 shares in the last quarter. Finally, Creative Planning raised its position in shares of Canadian Imperial Bank of Commerce by 12.8% in the 3rd quarter. Creative Planning now owns 67,492 shares of the bank’s stock valued at $4,140,000 after purchasing an additional 7,670 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. UBS Group initiated coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They set a “neutral” rating on the stock. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Finally, Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $63.29 on Tuesday. The company has a market cap of $59.69 billion, a P/E ratio of 13.02, a PEG ratio of 1.82 and a beta of 1.07. The stock has a fifty day moving average price of $60.00 and a 200 day moving average price of $52.85. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $34.85 and a 12 month high of $63.53.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The firm’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.14 EPS. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were paid a $0.652 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.12%. Canadian Imperial Bank of Commerce’s payout ratio is 54.73%.

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.