Wealth Alliance Sells 7,190 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Wealth Alliance reduced its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 50.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,931 shares of the bank’s stock after selling 7,190 shares during the period. Wealth Alliance’s holdings in Canadian Imperial Bank of Commerce were worth $438,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CM. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Canadian Imperial Bank of Commerce by 14.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after acquiring an additional 1,305,665 shares during the period. Zurich Insurance Group Ltd FI acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $62,849,000. Public Sector Pension Investment Board grew its stake 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 buying an additional 900,575 shares during the period. Alberta Investment Management Corp grew its stake 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 buying an additional 671,028 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Canadian Imperial Bank of Commerce by 23.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock valued at $195,561,000 after buying an additional 601,234 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $60.81 on Friday. Canadian Imperial Bank of Commerce has a 52 week low of $46.11 and a 52 week high of $67.45. The company’s 50 day moving average price is $62.92 and its two-hundred day moving average price is $61.49. 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 stock has a market cap of $57.31 billion, a P/E ratio of 11.37, a P/E/G ratio of 1.63 and a beta of 1.05.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 27th were issued a $0.6912 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date of this dividend was Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s payout ratio is 51.21%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CM. Royal Bank of Canada upgraded 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 note 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus 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.