Lipe & Dalton lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,518 shares of the bank’s stock after selling 375 shares during the period. Canadian Imperial Bank of Commerce accounts for approximately 3.4% of Lipe & Dalton’s holdings, making the stock its 7th largest position. Lipe & Dalton’s holdings in Canadian Imperial Bank of Commerce were worth $5,236,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CM. PNC Financial Services Group Inc. raised its position in Canadian Imperial Bank of Commerce by 0.4% in the first quarter. PNC Financial Services Group Inc. now owns 5,627 shares of the bank’s stock valued at $485,000 after buying an additional 21 shares during the period. Envestnet Asset Management Inc. raised its position in Canadian Imperial Bank of Commerce by 0.6% in the first quarter. Envestnet Asset Management Inc. now owns 5,118 shares of the bank’s stock valued at $441,000 after buying an additional 33 shares during the period. BB&T Securities LLC raised its position in Canadian Imperial Bank of Commerce by 0.6% in the second quarter. BB&T Securities LLC now owns 17,280 shares of the bank’s stock valued at $1,402,000 after buying an additional 106 shares during the period. Nexus Investment Management Inc. raised its position in Canadian Imperial Bank of Commerce by 0.3% in the second quarter. Nexus Investment Management Inc. now owns 33,052 shares of the bank’s stock valued at $2,683,000 after buying an additional 109 shares during the period. Finally, Parallel Advisors LLC raised its position in Canadian Imperial Bank of Commerce by 7.2% in the first quarter. Parallel Advisors LLC now owns 1,915 shares of the bank’s stock valued at $152,000 after buying an additional 129 shares during the period. Institutional investors and hedge funds own 46.70% of the company’s stock.

Canadian Imperial Bank of Commerce (CM) opened at 84.39 on Tuesday. The firm’s 50-day moving average is $85.17 and its 200-day moving average is $83.97. The company has a market cap of $36.79 billion, a PE ratio of 9.74 and a beta of 1.09. Canadian Imperial Bank of Commerce has a 52 week low of $72.62 and a 52 week high of $92.22.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Thursday, September 28th will be paid a $1.0329 dividend. This represents a $4.13 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date is Wednesday, September 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.94. Canadian Imperial Bank of Commerce’s payout ratio is currently 45.25%.

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Several equities analysts have weighed in on CM shares. Zacks Investment Research upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Thursday, June 1st. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 18th. Canaccord Genuity initiated coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, July 18th. They issued a “buy” rating on the stock. Finally, BidaskClub downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average price target of $102.43.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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