Janney Montgomery Scott LLC Reduces Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Janney Montgomery Scott LLC cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 22.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 52,833 shares of the bank’s stock after selling 15,092 shares during the period. Janney Montgomery Scott LLC’s holdings in Canadian Imperial Bank of Commerce were worth $3,341,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of CM. Public Sector Pension Investment Board increased its holdings in shares of Canadian Imperial Bank of Commerce by 32.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after acquiring an additional 900,575 shares during the period. Ritholtz Wealth Management grew 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 worth $878,000 after purchasing an additional 8,362 shares during the last quarter. CIBC Asset Management Inc grew its position in 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 purchasing an additional 375,837 shares during the last quarter. Atlanta Consulting Group Advisors LLC acquired a new position in Canadian Imperial Bank of Commerce in the third quarter valued at $671,000. Finally, FMR LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% in the third quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock valued at $129,239,000 after buying an additional 67,480 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $63.07 on Friday. The stock has a market capitalization of $59.43 billion, a price-to-earnings ratio of 11.79, a PEG ratio of 1.70 and a beta of 1.06. The business’s 50 day moving average is $64.10 and its two-hundred day moving average is $60.23. 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 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 business also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were given a dividend of $0.6912 per share. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. This represents a $2.76 annualized dividend and a dividend yield of 4.38%. The ex-dividend date of this dividend was Friday, December 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 51.22%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CM. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Thursday, January 23rd. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

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.