Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by K.J. Harrison & Partners Inc

K.J. Harrison & Partners Inc trimmed its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 8.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 33,501 shares of the bank’s stock after selling 3,172 shares during the period. K.J. Harrison & Partners Inc’s holdings in Canadian Imperial Bank of Commerce were worth $1,616,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its stake in shares of Canadian Imperial Bank of Commerce by 187.3% during the 3rd quarter. Wellington Management Group LLP now owns 266,581 shares of the bank’s stock worth $10,338,000 after purchasing an additional 173,801 shares in the last quarter. CenterBook Partners LP purchased a new position in Canadian Imperial Bank of Commerce during the third quarter worth $4,509,000. American Century Companies Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 8.7% in the third quarter. American Century Companies Inc. now owns 177,501 shares of the bank’s stock worth $6,852,000 after acquiring an additional 14,141 shares during the last quarter. Public Sector Pension Investment Board lifted its position in shares of Canadian Imperial Bank of Commerce by 177.6% in the third quarter. Public Sector Pension Investment Board now owns 990,605 shares of the bank’s stock valued at $38,415,000 after acquiring an additional 633,770 shares in the last quarter. Finally, Bank of Nova Scotia Trust Co. boosted its stake in shares of Canadian Imperial Bank of Commerce by 20.4% during the third quarter. Bank of Nova Scotia Trust Co. now owns 563,792 shares of the bank’s stock valued at $21,768,000 after acquiring an additional 95,463 shares during the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded up $0.43 during mid-day trading on Friday, hitting $47.83. The company had a trading volume of 843,840 shares, compared to its average volume of 1,797,045. The stock has a market cap of $44.86 billion, a price-to-earnings ratio of 9.88, a PEG ratio of 2.23 and a beta of 1.06. The firm’s 50 day simple moving average is $48.67 and its two-hundred day simple moving average is $44.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.10. The company had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.47 billion. Canadian Imperial Bank of Commerce had a net margin of 10.79% and a return on equity of 13.07%. As a group, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.04 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 29th. Shareholders of record on Thursday, March 28th will be paid a $0.6634 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $2.65 annualized dividend and a dividend yield of 5.55%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 26.45%.

Analyst Ratings Changes

CM has been the topic of several analyst reports. Scotiabank raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research note on Tuesday, February 20th. Jefferies Financial Group initiated coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, February 22nd. They set a “buy” rating for the company. Finally, Barclays began coverage on Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They set an “underweight” rating for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and an average target price of $63.00.

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.