Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 29.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 62,848 shares of the bank’s stock after selling 26,836 shares during the quarter. Principal Financial Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $2,661,000 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. Norges Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $305,412,000. Clearbridge Investments LLC bought a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $73,764,000. Federated Hermes Inc. grew its holdings in Canadian Imperial Bank of Commerce by 34.7% in the 1st quarter. Federated Hermes Inc. now owns 1,960,976 shares of the bank’s stock worth $83,185,000 after buying an additional 505,141 shares in the last quarter. Vanguard Group Inc. grew its holdings in Canadian Imperial Bank of Commerce by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 14,825,265 shares of the bank’s stock worth $1,804,087,000 after buying an additional 495,127 shares in the last quarter. Finally, Morgan Stanley grew its holdings in Canadian Imperial Bank of Commerce by 23.5% in the 4th quarter. Morgan Stanley now owns 2,189,852 shares of the bank’s stock worth $88,580,000 after buying an additional 416,362 shares in the last quarter. 43.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CM shares. CIBC raised Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a report on Tuesday, May 9th. Canaccord Genuity Group raised Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a report on Wednesday, May 10th. StockNews.com initiated coverage on Canadian Imperial Bank of Commerce in a report on Thursday, August 17th. They issued a “hold” rating for the company. Royal Bank of Canada decreased their price target on Canadian Imperial Bank of Commerce from $72.00 to $67.00 and set a “sector perform” rating for the company in a research note on Friday. Finally, BMO Capital Markets decreased their price target on Canadian Imperial Bank of Commerce from $69.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $63.00.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at $39.82 on Monday. The firm has a market cap of $36.80 billion, a PE ratio of 10.06, a P/E/G ratio of 1.56 and a beta of 1.00. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $41.98 and a 200-day simple moving average of $42.46. Canadian Imperial Bank of Commerce has a fifty-two week low of $39.11 and a fifty-two week high of $49.95.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Thursday, September 28th will be paid a dividend of $0.657 per share. The ex-dividend date of this dividend is Wednesday, September 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.64. This represents a $2.63 annualized dividend and a dividend yield of 6.60%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 64.65%.

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.