Fulton Bank N.A. Reduces Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Fulton Bank N.A. cut its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 49.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 13,601 shares of the bank’s stock after selling 13,383 shares during the quarter. Fulton Bank N.A.’s holdings in Canadian Imperial Bank of Commerce were worth $860,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of CM. Versant Capital Management Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 1,069.4% during the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock worth $46,000 after purchasing an additional 663 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after buying an additional 334,545 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 4.4% during the 3rd quarter. Franklin Resources Inc. now owns 880,838 shares of the bank’s stock valued at $54,606,000 after buying an additional 37,419 shares during the last quarter. Hobbs Group Advisors LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 675.8% in the 3rd quarter. Hobbs Group Advisors LLC now owns 2,211 shares of the bank’s stock valued at $136,000 after buying an additional 1,926 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 8.6% in the third quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock worth $262,598,000 after buying an additional 336,854 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CM. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Monday. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $97.00 to $103.00 in a research note on Wednesday. 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 stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Trading Up 1.2 %

Shares of CM stock opened at $63.23 on Friday. Canadian Imperial Bank of Commerce has a 1-year low of $43.86 and a 1-year high of $67.45. The company has a market cap of $59.59 billion, a price-to-earnings ratio of 11.82, a PEG ratio of 1.78 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a 50 day simple moving average of $64.40 and a 200-day simple moving average of $58.70.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be issued a dividend of $0.6912 per share. This represents a $2.76 annualized dividend and a yield of 4.37%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 53.46%.

Canadian Imperial Bank of Commerce 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.