Wellington Management Group LLP Trims Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Wellington Management Group LLP trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 71.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 173,112 shares of the bank's stock after selling 424,992 shares during the quarter. Wellington Management Group LLP's holdings in Canadian Imperial Bank of Commerce were worth $10,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of CM. Ridgewood Investments LLC bought a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth $29,000. BNP Paribas Financial Markets purchased a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $44,000. Blue Trust Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank's stock valued at $45,000 after acquiring an additional 623 shares during the period. Massmutual Trust Co. FSB ADV increased its holdings in Canadian Imperial Bank of Commerce by 23.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank's stock worth $56,000 after acquiring an additional 171 shares in the last quarter. Finally, City State Bank bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $61,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CM has been the subject of a number of analyst reports. Bank of America raised shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a research note on Friday, August 30th. BMO Capital Markets increased their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an "outperform" rating in a research note on Friday, August 30th. Cormark raised Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 30th. Royal Bank of Canada reiterated a "sector perform" rating and set a $97.00 target price (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday, December 6th. Finally, StockNews.com raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Friday, December 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.

Canadian Imperial Bank of Commerce Trading Up 0.0 %

Shares of NYSE:CM traded up $0.02 during trading on Monday, hitting $66.17. The company had a trading volume of 906,272 shares, compared to its average volume of 1,363,719. The stock has a market cap of $62.50 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.78 and a beta of 1.06. 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 fifty day simple moving average of $63.82 and a two-hundred day simple moving average of $56.92. Canadian Imperial Bank of Commerce has a one year low of $43.86 and a one year high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be issued a $0.6912 dividend. This represents a $2.76 annualized dividend and a dividend yield of 4.18%. The ex-dividend date of this dividend is Friday, December 27th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 53.46%.

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.