Canadian Imperial Bank of Commerce (NYSE:CM) Stock Position Reduced by Janney Montgomery Scott LLC

Posted by on Apr 25th, 2023

Janney Montgomery Scott LLC trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) by 0.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 61,888 shares of the bank’s stock after selling 402 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Canadian Imperial Bank of Commerce were worth $2,503,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CM. National Bank of Canada FI raised its position in shares of Canadian Imperial Bank of Commerce by 594.2% during the 4th quarter. National Bank of Canada FI now owns 14,574,235 shares of the bank’s stock worth $589,327,000 after purchasing an additional 12,474,796 shares during the period. Toronto Dominion Bank increased its position in Canadian Imperial Bank of Commerce by 20.8% in the 3rd quarter. Toronto Dominion Bank now owns 27,083,647 shares of the bank’s stock valued at $1,188,476,000 after acquiring an additional 4,670,453 shares during the period. Canada Pension Plan Investment Board increased its position in Canadian Imperial Bank of Commerce by 566.7% in the 3rd quarter. Canada Pension Plan Investment Board now owns 5,325,315 shares of the bank’s stock valued at $234,321,000 after acquiring an additional 4,526,515 shares during the period. Vanguard Group Inc. increased its position in Canadian Imperial Bank of Commerce by 3.6% in the 3rd quarter. Vanguard Group Inc. now owns 31,644,399 shares of the bank’s stock valued at $1,384,759,000 after acquiring an additional 1,107,934 shares during the period. Finally, Clearbridge Investments LLC acquired a new stake in Canadian Imperial Bank of Commerce in the 1st quarter valued at approximately $73,764,000. 44.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on CM. Royal Bank of Canada raised their target price on Canadian Imperial Bank of Commerce from $69.00 to $70.00 and gave the company a “sector perform” rating in a research report on Monday, February 27th. StockNews.com began coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $74.88.

Canadian Imperial Bank of Commerce Stock Down 0.7 %

Shares of CM stock opened at $42.38 on Tuesday. The stock has a market cap of $38.65 billion, a PE ratio of 10.76, a price-to-earnings-growth ratio of 2.25 and a beta of 1.01. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. The business’s fifty day moving average is $43.57 and its 200-day moving average is $43.84. Canadian Imperial Bank of Commerce has a 1 year low of $39.40 and a 1 year high of $56.83.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last released its quarterly earnings data on Friday, February 24th. The bank reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.21. The business had revenue of $4.40 billion during the quarter. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.75%. Equities analysts expect that Canadian Imperial Bank of Commerce will post 5.63 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 28th. Stockholders of record on Tuesday, March 28th will be given a $0.639 dividend. This represents a $2.56 annualized dividend and a dividend yield of 6.03%. The ex-dividend date of this dividend is Monday, March 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.63. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 63.20%.

About Canadian Imperial Bank of Commerce

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Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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