Procyon Advisors LLC Sells 1,620 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Procyon Advisors LLC cut its position in shares of Canadian Imperial Bank of Commerce (NYSE:CMFree Report) (TSE:CM) by 16.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 8,200 shares of the bank’s stock after selling 1,620 shares during the period. Procyon Advisors LLC’s holdings in Canadian Imperial Bank of Commerce were worth $395,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Raymond James Financial Services Advisors Inc. boosted its stake in Canadian Imperial Bank of Commerce by 8.8% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 8,361 shares of the bank’s stock valued at $1,017,000 after buying an additional 674 shares in the last quarter. US Bancorp DE boosted its stake in Canadian Imperial Bank of Commerce by 14.7% in the 1st quarter. US Bancorp DE now owns 4,323 shares of the bank’s stock valued at $527,000 after buying an additional 554 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Canadian Imperial Bank of Commerce by 24.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,630 shares of the bank’s stock valued at $807,000 after buying an additional 1,287 shares in the last quarter. Private Advisor Group LLC boosted its stake in Canadian Imperial Bank of Commerce by 20.4% in the 1st quarter. Private Advisor Group LLC now owns 4,512 shares of the bank’s stock valued at $549,000 after buying an additional 763 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in Canadian Imperial Bank of Commerce by 6.4% in the 1st quarter. BlackRock Inc. now owns 308,427 shares of the bank’s stock valued at $37,532,000 after buying an additional 18,653 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CM has been the topic of a number of recent analyst reports. Bank of America raised Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research note on Monday, December 18th. Barclays initiated coverage on Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They issued an “underweight” rating on the stock. Jefferies Financial Group initiated coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, February 22nd. They issued a “buy” rating on the stock. National Bank Financial raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, December 20th. Finally, StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, December 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $63.00.

Check Out Our Latest Analysis on CM

Canadian Imperial Bank of Commerce Trading Up 1.3 %

Shares of CM opened at $50.72 on Friday. The stock’s fifty day simple moving average is $47.30 and its 200-day simple moving average is $43.25. The firm has a market capitalization of $47.55 billion, a PE ratio of 10.48, a price-to-earnings-growth ratio of 2.35 and a beta of 1.05. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CMGet Free Report) (TSE:CM) last released its quarterly earnings data on Thursday, February 29th. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.10. The business had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.47 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. As a group, research analysts predict that Canadian Imperial Bank of Commerce will post 5.04 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 29th. Investors of record on Thursday, March 28th will be issued a $0.6634 dividend. This represents a $2.65 dividend on an annualized basis and a yield of 5.23%. The ex-dividend date is Wednesday, March 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 26.45%.

About Canadian Imperial Bank of Commerce

(Free Report)

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.

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

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