Arrowstreet Capital Limited Partnership Trims Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Arrowstreet Capital Limited Partnership lessened its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 41.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 826,709 shares of the bank's stock after selling 590,846 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.09% of Canadian Imperial Bank of Commerce worth $52,240,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Orion Portfolio Solutions LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 6.2% in the 4th quarter. Orion Portfolio Solutions LLC now owns 16,921 shares of the bank's stock valued at $1,070,000 after purchasing an additional 986 shares during the period. Blair William & Co. IL raised its position in shares of Canadian Imperial Bank of Commerce by 7.3% in the fourth quarter. Blair William & Co. IL now owns 5,658 shares of the bank's stock worth $358,000 after acquiring an additional 383 shares during the period. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $570,477,000. JPMorgan Chase & Co. grew its position in shares of Canadian Imperial Bank of Commerce by 37.3% during the 4th quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank's stock valued at $508,566,000 after acquiring an additional 2,185,262 shares during the period. Finally, Korea Investment CORP increased its stake in shares of Canadian Imperial Bank of Commerce by 14.7% in the 4th quarter. Korea Investment CORP now owns 695,902 shares of the bank's stock valued at $43,998,000 after purchasing an additional 89,158 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

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Wall Street Analyst Weigh In

Several analysts have commented on the company. StockNews.com lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Friday. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and lifted their price target for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock traded down $2.15 during mid-day trading on Friday, reaching $56.79. 2,226,177 shares of the stock traded hands, compared to its average volume of 1,148,150. The stock has a market capitalization of $53.39 billion, a PE ratio of 10.62, a PEG ratio of 1.62 and a beta of 0.98. The business has a 50-day moving average of $59.43 and a 200 day moving average of $61.92. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.50 and a fifty-two week high of $67.45. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

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

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.