Alliancebernstein L.P. Sells 30,611 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Alliancebernstein L.P. cut its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 21.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 110,146 shares of the bank's stock after selling 30,611 shares during the period. Alliancebernstein L.P.'s holdings in Canadian Imperial Bank of Commerce were worth $6,965,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of CM. JPMorgan Chase & Co. grew its position in shares of Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock worth $359,320,000 after purchasing an additional 334,545 shares in the last quarter. Rhumbline Advisers grew its position in Canadian Imperial Bank of Commerce by 12.6% during the fourth quarter. Rhumbline Advisers now owns 3,622 shares of the bank's stock worth $229,000 after buying an additional 404 shares in the last quarter. American Century Companies Inc. grew its position in Canadian Imperial Bank of Commerce by 8.5% during the fourth quarter. American Century Companies Inc. now owns 299,211 shares of the bank's stock worth $18,927,000 after buying an additional 23,403 shares in the last quarter. Smith Group Asset Management LLC bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth $4,875,000. Finally, Mission Wealth Management LP acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at $322,000. 49.88% of the stock is owned by institutional investors.

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Canadian Imperial Bank of Commerce Price Performance

CM stock traded up $0.17 during trading on Tuesday, reaching $58.35. 585,307 shares of the company were exchanged, compared to its average volume of 1,150,063. The company has a market capitalization of $54.86 billion, a price-to-earnings ratio of 10.91, a P/E/G ratio of 1.62 and a beta of 0.98. 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 company has a 50-day moving average of $58.38 and a two-hundred day moving average of $61.62. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared 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. The ex-dividend date is Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.61%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 48.03%.

Analyst Ratings Changes

CM has been the topic of several analyst reports. StockNews.com raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Monday. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $92.00.

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.