LPL Financial LLC Reduces Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

LPL Financial LLC lessened its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 37.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 327,288 shares of the bank’s stock after selling 199,379 shares during the quarter. LPL Financial LLC’s holdings in Canadian Imperial Bank of Commerce were worth $20,694,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CM. Crews Bank & Trust bought a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $25,000. SBI Securities Co. Ltd. bought a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth $30,000. Sandy Spring Bank purchased a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at $32,000. IFP Advisors Inc boosted its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock valued at $34,000 after buying an additional 404 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth about $44,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CM shares. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, February 14th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.2 %

NYSE:CM opened at $56.27 on Tuesday. 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 cap of $52.89 billion, a P/E ratio of 10.52, a P/E/G ratio of 1.62 and a beta of 1.07. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.50 and a fifty-two week high of $67.45. The firm has a 50-day simple moving average of $59.90 and a two-hundred day simple moving average of $62.03.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be issued a $0.6723 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.78%. Canadian Imperial Bank of Commerce’s payout ratio is currently 48.03%.

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.