Raleigh Capital Management Inc. Decreases Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Raleigh Capital Management Inc. reduced its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 54.9% during the fourth quarter, HoldingsChannel reports. The fund owned 8,597 shares of the bank’s stock after selling 10,469 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $544,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Toronto Dominion Bank raised its stake in shares of Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares during the period. CIBC Asset Management Inc increased its position in shares of 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 valued at $696,659,000 after buying an additional 375,837 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock valued at $652,676,000 after buying an additional 1,305,665 shares during the period. Legal & General Group Plc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% in 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 in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Canadian Imperial Bank of Commerce by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after acquiring an additional 334,545 shares during the period. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $63.62 on Thursday. The company’s fifty day moving average price is $64.15 and its 200-day moving average price is $59.68. 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 firm has a market capitalization of $59.96 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 1.67 and a beta of 1.06. Canadian Imperial Bank of Commerce has a one year low of $43.86 and a one year high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be paid a $0.6912 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date is Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 51.22%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CM shares. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $92.00.

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.