Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by First Trust Direct Indexing L.P.

First Trust Direct Indexing L.P. trimmed its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 12.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,560 shares of the bank’s stock after selling 964 shares during the period. First Trust Direct Indexing L.P.’s holdings in Canadian Imperial Bank of Commerce were worth $316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in CM. Verdence Capital Advisors LLC lifted its position in Canadian Imperial Bank of Commerce by 4.3% in the third quarter. Verdence Capital Advisors LLC now owns 15,835 shares of the bank’s stock valued at $611,000 after acquiring an additional 653 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Canadian Imperial Bank of Commerce by 3.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 289,912 shares of the bank’s stock valued at $11,243,000 after buying an additional 9,195 shares during the last quarter. Park Avenue Securities LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at approximately $275,000. Gradient Investments LLC grew its position in shares of Canadian Imperial Bank of Commerce by 3.5% during the third quarter. Gradient Investments LLC now owns 10,924 shares of the bank’s stock worth $422,000 after acquiring an additional 373 shares during the last quarter. Finally, Assetmark Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 11.6% in the 3rd quarter. Assetmark Inc. now owns 13,630 shares of the bank’s stock valued at $526,000 after acquiring an additional 1,418 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Down 0.8 %

CM stock opened at $47.99 on Wednesday. The stock has a market capitalization of $45.01 billion, a PE ratio of 9.92, a price-to-earnings-growth ratio of 2.25 and a beta of 1.07. The company has a fifty day moving average of $48.81 and a 200-day moving average of $45.22. 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 has a one year low of $34.35 and a one year high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced 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. Canadian Imperial Bank of Commerce had a net margin of 10.79% and a return on equity of 13.07%. The firm had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.47 billion. As a group, analysts expect that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 29th. Investors of record on Thursday, March 28th were issued a dividend of $0.6634 per share. This represents a $2.65 dividend on an annualized basis and a yield of 5.53%. The ex-dividend date was Wednesday, March 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 54.75%.

Analyst Upgrades and Downgrades

CM has been the topic of several research reports. Barclays began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They set an “underweight” rating on the stock. Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a report on Tuesday, February 20th. Finally, Jefferies Financial Group assumed coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, February 22nd. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $63.00.

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.