Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Octavia Wealth Advisors LLC

Octavia Wealth Advisors LLC trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 11.0% during the fourth quarter, HoldingsChannel reports. The fund owned 13,231 shares of the bank’s stock after selling 1,635 shares during the quarter. Octavia Wealth Advisors LLC’s holdings in Canadian Imperial Bank of Commerce were worth $846,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Toronto Dominion Bank grew its position in Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after buying an additional 3,942,894 shares during the period. Public Sector Pension Investment Board grew its position in Canadian Imperial Bank of Commerce by 32.0% during the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after buying an additional 900,575 shares during the period. Legal & General Group Plc grew its position in Canadian Imperial Bank of Commerce by 3.3% during the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after buying an additional 228,130 shares during the period. Ritholtz Wealth Management grew its position in Canadian Imperial Bank of Commerce by 140.6% during the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock worth $878,000 after buying an additional 8,362 shares during the period. Finally, CIBC Asset Management Inc grew its position in Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after buying an additional 375,837 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $63.36 on Wednesday. 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 company has a market capitalization of $59.71 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 1.65 and a beta of 1.06. The company’s 50 day simple moving average is $64.18 and its 200 day simple moving average is $59.54. Canadian Imperial Bank of Commerce has a 1 year low of $43.86 and a 1 year high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be paid a dividend of $0.6912 per share. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date is Friday, December 27th. This represents a $2.76 annualized dividend and a dividend yield of 4.36%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 51.22%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CM. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Monday, January 6th. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $92.00.

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.