Principal Financial Group Inc. Sells 3,000 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Principal Financial Group Inc. decreased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 58,900 shares of the bank’s stock after selling 3,000 shares during the quarter. Principal Financial Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $3,616,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Toronto Dominion Bank increased its stake in shares of Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after buying an additional 3,942,894 shares during the period. Public Sector Pension Investment Board increased its position in Canadian Imperial Bank of Commerce by 32.0% in the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after purchasing an additional 900,575 shares during the period. Legal & General Group Plc raised its holdings in Canadian Imperial Bank of Commerce by 3.3% during the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after purchasing an additional 228,130 shares during the last quarter. Ritholtz Wealth Management lifted its position in Canadian Imperial Bank of Commerce by 140.6% during the 3rd quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock valued at $878,000 after purchasing an additional 8,362 shares during the period. Finally, CIBC Asset Management Inc grew its position in shares of Canadian Imperial Bank of Commerce by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after buying an additional 375,837 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $62.76 on Friday. The company has a 50-day simple moving average of $64.41 and a two-hundred day simple moving average of $58.16. Canadian Imperial Bank of Commerce has a twelve month low of $43.86 and a twelve month high of $67.45. The stock has a market capitalization of $59.28 billion, a price-to-earnings ratio of 11.73, a price-to-earnings-growth ratio of 1.78 and a beta of 1.06. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be paid a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.41%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 53.46%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CM. Royal Bank of Canada restated a “sector perform” rating and set a $97.00 price objective (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a report on Friday, December 6th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $89.00.

Canadian Imperial Bank of Commerce Company 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.