Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. cut its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 21.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 SEC filing.

Several other hedge funds have also made changes to their positions in the business. Crews Bank & Trust acquired a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at $25,000. SBI Securities Co. Ltd. acquired a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $30,000. Sandy Spring Bank purchased a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $32,000. IFP Advisors Inc grew its position in shares of Canadian Imperial Bank of Commerce by 318.1% during the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after buying an additional 404 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at approximately $44,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $57.12 on Friday. The firm’s fifty day simple moving average is $58.45 and its 200-day simple moving average is $61.64. Canadian Imperial Bank of Commerce has a 12 month low of $46.50 and a 12 month high of $67.45. The stock has a market capitalization of $53.69 billion, a price-to-earnings ratio of 10.68, a PEG 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.

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 $0.6723 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.71%. Canadian Imperial Bank of Commerce’s payout ratio is 48.03%.

Analysts Set New Price Targets

A number of analysts have weighed in on CM shares. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Friday, April 4th. 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 stock 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 assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and an average price target 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.