Truist Financial Corp Lowers Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Truist Financial Corp cut its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 40.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of CM. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Canadian Imperial Bank of Commerce by 14.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after purchasing an additional 1,305,665 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $62,849,000. Public Sector Pension Investment Board lifted its stake in Canadian Imperial Bank of Commerce by 32.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after purchasing an additional 900,575 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Canadian Imperial Bank of Commerce by 23.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock worth $195,561,000 after purchasing an additional 601,234 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its stake in Canadian Imperial Bank of Commerce by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after purchasing an additional 375,837 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $60.81 on Friday. The firm’s fifty day moving average price is $62.92 and its 200-day moving average price is $61.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $57.31 billion, a P/E ratio of 11.37, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.11 and a fifty-two week high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 27th were given a $0.6912 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date of this dividend was 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 presently 51.22%.

Canadian Imperial Bank of Commerce Company 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.