Commonwealth Equity Services LLC Sells 6,333 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Commonwealth Equity Services LLC lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 21.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 23,371 shares of the bank's stock after selling 6,333 shares during the quarter. Commonwealth Equity Services LLC's holdings in Canadian Imperial Bank of Commerce were worth $1,478,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Zurich Insurance Group Ltd FI bought a new position in Canadian Imperial Bank of Commerce during the 3rd quarter worth $62,849,000. Alberta Investment Management Corp grew its stake in shares of Canadian Imperial Bank of Commerce by 74.4% in the fourth quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank's stock valued at $99,450,000 after acquiring an additional 671,028 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth about $36,733,000. Raymond James Financial Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the 4th quarter worth about $24,997,000. Finally, Geode Capital Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank's stock valued at $262,598,000 after purchasing an additional 336,854 shares during the period. Institutional investors own 49.88% of the company's stock.

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Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM traded up $1.03 during trading hours on Wednesday, hitting $57.94. 887,851 shares of the stock were exchanged, compared to its average volume of 1,140,517. The company's fifty day simple moving average is $59.66 and its two-hundred day simple moving average is $61.97. The company has a market cap of $54.46 billion, a PE ratio of 10.83, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 1-year low of $46.50 and a 1-year high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be issued a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 48.03%.

Analyst Ratings Changes

CM has been the subject of a number of analyst reports. Royal Bank of Canada upgraded 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 report on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Friday, February 14th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $92.00.

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.