First Trust Direct Indexing L.P. Trims Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

First Trust Direct Indexing L.P. lessened its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 12.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,560 shares of the bank’s stock after selling 964 shares during the period. First Trust Direct Indexing L.P.’s holdings in Canadian Imperial Bank of Commerce were worth $316,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bruce G. Allen Investments LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth approximately $33,000. Janiczek Wealth Management LLC raised its position in shares of Canadian Imperial Bank of Commerce by 34.9% during the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after buying an additional 222 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 152.9% during the 4th quarter. Hexagon Capital Partners LLC now owns 1,692 shares of the bank’s stock worth $81,000 after acquiring an additional 1,023 shares during the last quarter. NBC Securities Inc. purchased a new position in Canadian Imperial Bank of Commerce in the third quarter worth $106,000. Finally, SG Americas Securities LLC bought a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at $110,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $47.99 on Wednesday. The firm has a market cap of $45.01 billion, a PE ratio of 9.92, a price-to-earnings-growth ratio of 2.25 and a beta of 1.07. The company’s fifty day simple moving average is $48.81 and its two-hundred day simple moving average is $45.22. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14.

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

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 29th. Investors of record on Thursday, March 28th were paid a $0.6634 dividend. 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 was Wednesday, March 27th. This represents a $2.65 dividend on an annualized basis and a yield of 5.53%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 54.75%.

Wall Street Analysts Forecast Growth

CM has been the topic of a number of research reports. Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a report on Tuesday, February 20th. Jefferies Financial Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, February 22nd. They issued a “buy” rating for the company. Finally, Barclays began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They issued an “underweight” rating on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and an average target price of $63.00.

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.