Truist Financial Corp Sells 30,189 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Truist Financial Corp lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 10.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 248,933 shares of the bank’s stock after selling 30,189 shares during the period. Truist Financial Corp’s holdings in Canadian Imperial Bank of Commerce were worth $11,984,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bruce G. Allen Investments LLC bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $33,000. Janiczek Wealth Management LLC raised its stake in Canadian Imperial Bank of Commerce by 34.9% in the fourth quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after buying an additional 222 shares during the period. NBC Securities Inc. bought a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at approximately $106,000. SG Americas Securities LLC bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $110,000. Finally, Trust Co. of Toledo NA OH bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $204,000. Institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on CM shares. Jefferies Financial Group started coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They issued a “buy” rating on the stock. Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, February 20th. Finally, Barclays started coverage on Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They issued an “underweight” rating on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.00.

Canadian Imperial Bank of Commerce Trading Up 0.4 %

Shares of NYSE:CM opened at $46.89 on Thursday. The company has a market capitalization of $43.98 billion, a P/E ratio of 9.69, a P/E/G ratio of 2.22 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $51.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The business’s 50 day simple moving average is $48.72 and its 200 day simple moving average is $44.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.10. The business had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.47 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. On average, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 29th. Investors of record on Thursday, March 28th were given a dividend of $0.6634 per share. The ex-dividend date was Wednesday, March 27th. This represents a $2.65 dividend on an annualized basis and a yield of 5.66%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 26.45%.

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.