Truist Financial Corp Sells 6,654 Shares of Canadian Imperial Bank of Commerce $CM

Truist Financial Corp reduced its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 7.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 85,845 shares of the bank’s stock after selling 6,654 shares during the period. Truist Financial Corp’s holdings in Canadian Imperial Bank of Commerce were worth $6,080,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CM. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 4.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock worth $255,000 after acquiring an additional 194 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 5,530.0% during the first quarter. GAMMA Investing LLC now owns 20,437 shares of the bank’s stock worth $1,151,000 after purchasing an additional 20,074 shares during the last quarter. NBC Securities Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 121,800.0% during the first quarter. NBC Securities Inc. now owns 1,219 shares of the bank’s stock worth $68,000 after purchasing an additional 1,218 shares during the last quarter. NewSquare Capital LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 2.8% during the first quarter. NewSquare Capital LLC now owns 95,152 shares of the bank’s stock worth $5,357,000 after purchasing an additional 2,631 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in Canadian Imperial Bank of Commerce by 51.1% during the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank’s stock valued at $51,000 after buying an additional 305 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CM shares. Wall Street Zen lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Saturday, September 27th. Finally, Royal Bank Of Canada lifted their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Trading Up 0.2%

NYSE:CM opened at $81.66 on Tuesday. The firm has a market cap of $75.91 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.73 and a beta of 1.03. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $82.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a 50-day simple moving average of $76.65 and a 200-day simple moving average of $69.44.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. The company had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.93 earnings per share. Equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be given a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Monday, September 29th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 47.64%.

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.