Raymond James Financial Services Advisors Inc. Reduces Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Raymond James Financial Services Advisors Inc. lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 13.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,324 shares of the bank’s stock after selling 2,274 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $690,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CM. Wetherby Asset Management Inc. grew its holdings in Canadian Imperial Bank of Commerce by 3.0% in the 1st quarter. Wetherby Asset Management Inc. now owns 6,652 shares of the bank’s stock valued at $809,000 after buying an additional 193 shares during the period. Captrust Financial Advisors grew its holdings in Canadian Imperial Bank of Commerce by 1.5% in the 3rd quarter. Captrust Financial Advisors now owns 18,231 shares of the bank’s stock valued at $798,000 after buying an additional 263 shares during the period. Raymond James Trust N.A. grew its holdings in Canadian Imperial Bank of Commerce by 2.3% in the 4th quarter. Raymond James Trust N.A. now owns 13,576 shares of the bank’s stock valued at $654,000 after buying an additional 307 shares during the period. Mount Yale Investment Advisors LLC grew its holdings in Canadian Imperial Bank of Commerce by 5.0% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 6,847 shares of the bank’s stock valued at $264,000 after buying an additional 325 shares during the period. Finally, Simplicity Solutions LLC grew its holdings in Canadian Imperial Bank of Commerce by 6.0% in the 3rd quarter. Simplicity Solutions LLC now owns 5,877 shares of the bank’s stock valued at $227,000 after buying an additional 333 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CM. Barclays began coverage on Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They set an “underweight” rating for the company. National Bank Financial upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating in a report on Wednesday, December 20th. Jefferies Financial Group began coverage on Canadian Imperial Bank of Commerce in a report on Thursday, February 22nd. They set a “buy” rating for the company. Finally, Scotiabank upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $47.05 on Thursday. The stock’s 50 day moving average price is $48.33 and its 200 day moving average price is $44.16. The firm has a market capitalization of $44.11 billion, a PE ratio of 9.72, a price-to-earnings-growth ratio of 2.24 and a beta of 1.06. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a one year low of $34.35 and a one year high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.24 by $0.10. The firm had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.47 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. As a group, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 29th. Shareholders of record on Thursday, March 28th will be given a $0.6634 dividend. This represents a $2.65 dividend on an annualized basis and a dividend yield of 5.64%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Wednesday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 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.