Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 29.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,760 shares of the bank's stock after selling 11,735 shares during the period. PNC Financial Services Group Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $1,818,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank's stock worth $652,676,000 after purchasing an additional 1,305,665 shares during the period. Zurich Insurance Group Ltd FI purchased a new position in Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $62,849,000. Public Sector Pension Investment Board boosted its holdings in shares of Canadian Imperial Bank of Commerce by 32.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank's stock valued at $228,043,000 after acquiring an additional 900,575 shares during the last quarter. Alberta Investment Management Corp boosted its holdings in shares of Canadian Imperial Bank of Commerce by 74.4% in the 4th 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 during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Canadian Imperial Bank of Commerce by 23.3% in the third quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank's stock worth $195,561,000 after acquiring an additional 601,234 shares during the period. Hedge funds and other institutional investors own 49.88% of the company's stock.

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Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Friday, February 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.02 on Wednesday, reaching $56.78. The company's stock had a trading volume of 534,260 shares, compared to its average volume of 984,690. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $53.38 billion, a P/E ratio of 10.61, a PEG ratio of 1.62 and a beta of 1.07. The stock has a 50-day moving average price of $60.87 and a 200-day moving average price of $62.19. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week 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. Investors of record on Friday, March 28th will be issued a $0.6723 dividend. This represents a $2.69 annualized dividend and a yield of 4.74%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is presently 48.03%.

Canadian Imperial Bank of Commerce 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.