Canadian Imperial Bank of Commerce (NYSE:CM) Stake Lessened by Park Avenue Securities LLC

Park Avenue Securities LLC trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,278 shares of the bank’s stock after selling 347 shares during the quarter. Park Avenue Securities LLC’s holdings in Canadian Imperial Bank of Commerce were worth $523,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. 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 company from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $63.60 on Friday. Canadian Imperial Bank of Commerce has a 12-month low of $43.86 and a 12-month high of $67.45. The company has a market cap of $59.94 billion, a PE ratio of 11.89, a P/E/G ratio of 1.67 and a beta of 1.06. The stock has a 50 day simple moving average of $64.15 and a 200-day simple moving average of $59.68. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be paid a $0.6912 dividend. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date is Friday, December 27th. This represents a $2.76 annualized dividend and a dividend yield of 4.35%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 51.22%.

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.