Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 5.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,367 shares of the bank’s stock after selling 523 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $679,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. INR Advisory Services LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at about $125,000. Opera Trading Capital acquired a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at $136,000. Parallel Advisors LLC lifted its stake 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. American Research & Management Co. increased its stake in shares of Canadian Imperial Bank of Commerce by 473.5% in the 2nd quarter. American Research & Management Co. now owns 2,122 shares of the bank’s stock valued at $172,000 after acquiring an additional 1,752 shares during the last quarter. Finally, First Quadrant L P CA bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth $191,000. 46.45% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce (NYSE:CM) opened at 88.76 on Friday. The stock’s 50 day moving average price is $85.56 and its 200 day moving average price is $83.58. Canadian Imperial Bank of Commerce has a one year low of $72.62 and a one year high of $92.22. The stock has a market cap of $38.69 billion, a price-to-earnings ratio of 10.10 and a beta of 1.08.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Thursday, September 28th will be paid a $1.0329 dividend. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Wednesday, September 27th. This represents a $4.13 dividend on an annualized basis and a dividend yield of 4.65%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 45.25%.

CM has been the topic of several recent analyst reports. BidaskClub upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. Zacks Investment Research raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Thursday, June 1st. Canaccord Genuity set a $117.00 price target on shares of Canadian Imperial Bank of Commerce and gave the company a “buy” rating in a report on Thursday, August 24th. Finally, TD Securities raised Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $120.00 price target on the stock in a research note on Wednesday, September 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average price target of $101.80.

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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.

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

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