Canadian Imperial Bank of Commerce (NYSE:CM) Position Reduced by Park Avenue Securities LLC

Park Avenue Securities LLC reduced its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 8,278 shares of the bank’s stock after selling 347 shares during the period. Park Avenue Securities LLC’s holdings in Canadian Imperial Bank of Commerce were worth $523,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 4.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock valued at $255,000 after buying an additional 194 shares during the period. Versant Capital Management Inc lifted its holdings in Canadian Imperial Bank of Commerce by 1,069.4% in the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock valued at $46,000 after acquiring an additional 663 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after purchasing an additional 334,545 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 4.4% in the 3rd quarter. Franklin Resources Inc. now owns 880,838 shares of the bank’s stock worth $54,606,000 after purchasing an additional 37,419 shares during the last quarter. Finally, Hobbs Group Advisors LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 675.8% in the 3rd quarter. Hobbs Group Advisors LLC now owns 2,211 shares of the bank’s stock worth $136,000 after purchasing an additional 1,926 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Thursday. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Trading Down 0.0 %

Canadian Imperial Bank of Commerce stock opened at $63.60 on Friday. Canadian Imperial Bank of Commerce has a 52 week low of $43.86 and a 52 week high of $67.45. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $59.94 billion, a price-to-earnings ratio of 11.89, a P/E/G ratio of 1.67 and a beta of 1.06. The company has a 50 day moving average price of $64.15 and a 200 day moving average price of $59.68.

Canadian Imperial Bank of Commerce Increases Dividend

The firm 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 $0.6912 dividend. This represents a $2.76 annualized dividend and a dividend yield of 4.35%. The ex-dividend date is Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 51.22%.

Canadian Imperial Bank of Commerce 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.