Bank of New York Mellon Corp Sells 130,368 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Bank of New York Mellon Corp reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) by 10.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,084,164 shares of the bank’s stock after selling 130,368 shares during the quarter. Bank of New York Mellon Corp owned 0.12% of Canadian Imperial Bank of Commerce worth $47,443,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Portland Investment Counsel Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 17.8% in the third quarter. Portland Investment Counsel Inc. now owns 56,300 shares of the bank’s stock worth $2,464,000 after purchasing an additional 8,500 shares during the last quarter. Guggenheim Capital LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 27.7% in the third quarter. Guggenheim Capital LLC now owns 46,953 shares of the bank’s stock worth $2,055,000 after purchasing an additional 10,191 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 71.8% in the third quarter. Renaissance Technologies LLC now owns 519,628 shares of the bank’s stock worth $22,739,000 after purchasing an additional 217,170 shares during the last quarter. Wrapmanager Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 5.4% in the third quarter. Wrapmanager Inc. now owns 5,520 shares of the bank’s stock worth $242,000 after purchasing an additional 283 shares during the last quarter. Finally, MML Investors Services LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 8.3% in the third quarter. MML Investors Services LLC now owns 29,185 shares of the bank’s stock worth $1,277,000 after purchasing an additional 2,226 shares during the last quarter. 44.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on CM shares. Royal Bank of Canada raised their price objective on shares of Canadian Imperial Bank of Commerce from $69.00 to $70.00 and gave the stock a “sector perform” rating in a report on Monday, February 27th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, February 27th. CIBC upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lowered their price objective for the stock from C$67.00 to C$61.00 in a report on Tuesday, December 20th. Bank of America lowered shares of Canadian Imperial Bank of Commerce from a “neutral” rating to an “underperform” rating in a report on Monday, December 12th. Finally, National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Thursday, December 1st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $76.11.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $41.73 on Friday. The firm has a 50 day moving average price of $44.54 and a 200-day moving average price of $44.88. Canadian Imperial Bank of Commerce has a 52-week low of $39.40 and a 52-week high of $65.81. The firm has a market capitalization of $38.04 billion, a price-to-earnings ratio of 10.59, a PEG ratio of 2.24 and a beta of 1.02. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 28th. Investors of record on Tuesday, March 28th will be given a dividend of $0.639 per share. The ex-dividend date of this dividend is Monday, March 27th. This represents a $2.56 annualized dividend and a dividend yield of 6.13%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.63. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 64.21%.

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.