Federated Hermes Inc. Lowers Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Federated Hermes Inc. lessened its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 51.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 959,012 shares of the bank’s stock after selling 998,013 shares during the quarter. Federated Hermes Inc. owned approximately 0.10% of Canadian Imperial Bank of Commerce worth $60,638,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC lifted its position in Canadian Imperial Bank of Commerce by 31.3% during the fourth quarter. Geode Capital Management LLC now owns 5,573,202 shares of the bank’s stock worth $357,480,000 after buying an additional 1,327,967 shares during the period. Franklin Resources Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 11.0% in the fourth quarter. Franklin Resources Inc. now owns 978,161 shares of the bank’s stock worth $61,797,000 after acquiring an additional 97,323 shares during the last quarter. Wellington Management Group LLP grew its holdings in Canadian Imperial Bank of Commerce by 21.4% in the fourth quarter. Wellington Management Group LLP now owns 210,127 shares of the bank’s stock valued at $13,285,000 after purchasing an additional 37,015 shares during the period. O Shaughnessy Asset Management LLC increased its position in Canadian Imperial Bank of Commerce by 2.0% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 216,786 shares of the bank’s stock worth $13,698,000 after purchasing an additional 4,269 shares during the last quarter. Finally, Orion Portfolio Solutions LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 6.2% during the 4th quarter. Orion Portfolio Solutions LLC now owns 16,921 shares of the bank’s stock valued at $1,070,000 after buying an additional 986 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on CM shares. Royal Bank of Canada raised 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 report on Wednesday, January 8th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Friday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $56.79 on Monday. The firm’s fifty day simple moving average is $59.43 and its 200 day simple moving average is $61.92. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month high of $67.45. The firm has a market capitalization of $53.39 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a $0.6723 dividend. This represents a $2.69 annualized dividend and a dividend yield of 4.74%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s payout ratio is 48.03%.

About Canadian Imperial Bank of Commerce

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.