Allspring Global Investments Holdings LLC Sells 124,747 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Allspring Global Investments Holdings LLC decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 54.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 103,242 shares of the bank’s stock after selling 124,747 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Canadian Imperial Bank of Commerce were worth $5,809,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. PDS Planning Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 3.8% during the 4th quarter. PDS Planning Inc now owns 5,167 shares of the bank’s stock worth $327,000 after acquiring an additional 189 shares during the last quarter. Gradient Investments LLC raised its holdings in Canadian Imperial Bank of Commerce by 2.4% in the 1st quarter. Gradient Investments LLC now owns 8,278 shares of the bank’s stock worth $466,000 after purchasing an additional 191 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Canadian Imperial Bank of Commerce by 4.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock valued at $255,000 after purchasing an additional 194 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its holdings in Canadian Imperial Bank of Commerce by 0.7% during the fourth quarter. Mesirow Financial Investment Management Inc. now owns 33,094 shares of the bank’s stock valued at $2,092,000 after purchasing an additional 222 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in Canadian Imperial Bank of Commerce by 7.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 3,977 shares of the bank’s stock valued at $251,000 after purchasing an additional 279 shares during the period. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Up 0.5%

Shares of CM stock opened at $72.06 on Friday. The company’s fifty day simple moving average is $67.37 and its two-hundred day simple moving average is $62.72. Canadian Imperial Bank of Commerce has a 52 week low of $47.55 and a 52 week high of $72.17. The stock has a market cap of $67.75 billion, a P/E ratio of 12.66, a PEG ratio of 1.57 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 (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $4.78 billion. During the same period in the previous year, the firm posted $1.75 earnings per share. The business’s revenue was up 13.9% compared to the same quarter last year. Analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.7024 per share. This represents a $2.81 annualized dividend and a dividend yield of 3.90%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, June 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 49.56%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CM. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, May 24th. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Friday, May 30th. Jefferies Financial Group lowered Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Monday, April 21st. BMO Capital Markets boosted their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Finally, Royal Bank Of Canada upped their price objective on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce 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.