Park Place Capital Corp Trims Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Park Place Capital Corp decreased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 44.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,989 shares of the bank’s stock after selling 2,409 shares during the period. Park Place Capital Corp’s holdings in Canadian Imperial Bank of Commerce were worth $189,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV grew its position in Canadian Imperial Bank of Commerce by 23.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after buying an additional 171 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 4.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock valued at $255,000 after acquiring an additional 194 shares in the last quarter. PDS Planning Inc raised its holdings in Canadian Imperial Bank of Commerce by 4.7% during the third quarter. PDS Planning Inc now owns 4,978 shares of the bank’s stock worth $305,000 after purchasing an additional 224 shares in the last quarter. MML Investors Services LLC raised its holdings in Canadian Imperial Bank of Commerce by 0.5% during the third quarter. MML Investors Services LLC now owns 44,008 shares of the bank’s stock worth $2,699,000 after purchasing an additional 237 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in Canadian Imperial Bank of Commerce by 27.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank’s stock valued at $73,000 after purchasing an additional 250 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Monday, January 6th. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $63.62 on Thursday. Canadian Imperial Bank of Commerce has a one year low of $43.86 and a one year high of $67.45. The stock has a market cap of $59.96 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 1.65 and a beta of 1.06. The business’s fifty day moving average price is $64.16 and its two-hundred day moving average price is $59.65. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be given a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date of this dividend is Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 51.21%.

About Canadian Imperial Bank of Commerce

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.