Truist Financial Corp Decreases Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Truist Financial Corp lessened its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 40.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 102,120 shares of the bank’s stock after selling 70,803 shares during the quarter. Truist Financial Corp’s holdings in Canadian Imperial Bank of Commerce were worth $6,457,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Allworth Financial LP grew its holdings in Canadian Imperial Bank of Commerce by 255.6% in the 4th quarter. Allworth Financial LP now owns 1,120 shares of the bank’s stock worth $71,000 after acquiring an additional 805 shares during the last quarter. Rhumbline Advisers grew its holdings in Canadian Imperial Bank of Commerce by 12.6% in the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock worth $229,000 after acquiring an additional 404 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Canadian Imperial Bank of Commerce by 195.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 227,989 shares of the bank’s stock worth $14,404,000 after acquiring an additional 150,789 shares during the last quarter. Savant Capital LLC grew its holdings in Canadian Imperial Bank of Commerce by 38.7% in the 4th quarter. Savant Capital LLC now owns 16,053 shares of the bank’s stock worth $1,015,000 after acquiring an additional 4,483 shares during the last quarter. Finally, Cidel Asset Management Inc. grew its holdings in Canadian Imperial Bank of Commerce by 8.9% in the 4th quarter. Cidel Asset Management Inc. now owns 448,789 shares of the bank’s stock worth $28,375,000 after acquiring an additional 36,732 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CM. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Trading Down 1.3 %

Shares of CM opened at $60.81 on Friday. The firm’s 50-day moving average price is $62.92 and its 200-day moving average price is $61.57. The firm has a market capitalization of $57.31 billion, a price-to-earnings ratio of 11.37, a PEG ratio of 1.62 and a beta of 1.05. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 1-year low of $46.11 and a 1-year high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 27th were given a dividend of $0.6912 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. This represents a $2.76 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date was Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 51.22%.

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.