Arrowstreet Capital Limited Partnership Sells 590,846 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Arrowstreet Capital Limited Partnership lessened its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 41.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 826,709 shares of the bank’s stock after selling 590,846 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Canadian Imperial Bank of Commerce were worth $52,240,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank’s stock valued at $2,491,431,000 after purchasing an additional 749,843 shares during the last quarter. TD Asset Management Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 3.7% during the fourth quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank’s stock worth $1,492,138,000 after buying an additional 851,164 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Canadian Imperial Bank of Commerce by 1.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank’s stock worth $679,613,000 after buying an additional 115,884 shares during the last quarter. Norges Bank bought a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $570,477,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Canadian Imperial Bank of Commerce by 37.3% in the 4th quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank’s stock valued at $508,566,000 after acquiring an additional 2,185,262 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Analysts Set New Price Targets

CM has been the subject of a number of recent research reports. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $56.97 on Wednesday. The company has a market capitalization of $53.56 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 1.62 and a beta of 1.07. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month high of $67.45. The stock has a fifty day simple moving average of $59.77 and a 200 day simple moving average of $61.99. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a dividend of $0.6723 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.72%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 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.