Truist Financial Corp Sells 57,667 Shares of Canadian Imperial Bank of Commerce $CM

Truist Financial Corp decreased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 67.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,178 shares of the bank’s stock after selling 57,667 shares during the quarter. Truist Financial Corp’s holdings in Canadian Imperial Bank of Commerce were worth $2,251,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nicola Wealth Management LTD. bought a new position in shares of Canadian Imperial Bank of Commerce in the third quarter valued at about $75,920,000. Vanguard Personalized Indexing Management LLC grew its stake in Canadian Imperial Bank of Commerce by 6.9% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 38,641 shares of the bank’s stock valued at $3,087,000 after buying an additional 2,487 shares during the last quarter. Lorne Steinberg Wealth Management Inc. raised its holdings in Canadian Imperial Bank of Commerce by 1.7% in the 3rd quarter. Lorne Steinberg Wealth Management Inc. now owns 183,701 shares of the bank’s stock valued at $14,675,000 after acquiring an additional 3,104 shares during the period. CIBC Asset Management Inc lifted its position in Canadian Imperial Bank of Commerce by 4.0% during the third quarter. CIBC Asset Management Inc now owns 9,910,976 shares of the bank’s stock worth $791,049,000 after acquiring an additional 384,414 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. lifted its position in Canadian Imperial Bank of Commerce by 2.3% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 184,500 shares of the bank’s stock worth $14,746,000 after acquiring an additional 4,200 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CM shares. Raymond James Financial began coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating on the stock. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Finally, Zacks Research cut shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $96.74 on Friday. The business has a fifty day moving average price of $91.97 and a two-hundred day moving average price of $83.67. The stock has a market capitalization of $89.64 billion, a PE ratio of 15.89, a P/E/G ratio of 1.29 and a beta of 1.02. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $96.96.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.Canadian Imperial Bank of Commerce’s revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the business earned $1.91 earnings per share. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Monday, December 29th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 50.25%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.