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

Alyeska Investment Group L.P. decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 57.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 230,000 shares of the bank's stock after selling 306,587 shares during the quarter. Alyeska Investment Group L.P.'s holdings in Canadian Imperial Bank of Commerce were worth $14,543,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth about $570,477,000. Capital International Investors purchased a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $424,386,000. FIL Ltd grew its holdings in shares of Canadian Imperial Bank of Commerce by 53.6% in the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock valued at $783,613,000 after purchasing an additional 4,321,451 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Canadian Imperial Bank of Commerce by 37.3% during the 4th quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank's stock worth $508,566,000 after buying an additional 2,185,262 shares during the period. Finally, Geode Capital Management LLC increased its stake in Canadian Imperial Bank of Commerce by 31.3% during the 4th quarter. Geode Capital Management LLC now owns 5,573,202 shares of the bank's stock worth $357,480,000 after buying an additional 1,327,967 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on CM. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Wednesday, April 30th. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. 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. According to MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of "Hold" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded down $0.21 during mid-day trading on Friday, reaching $63.55. 453,545 shares of the company were exchanged, compared to its average volume of 1,129,118. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm's 50-day simple moving average is $58.53 and its two-hundred day simple moving average is $61.65. Canadian Imperial Bank of Commerce has a twelve month low of $46.99 and a twelve month high of $67.45. The firm has a market cap of $59.75 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 1.62 and a beta of 1.06.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, March 28th were issued a $0.6723 dividend. This represents a $2.69 annualized dividend and a dividend yield of 4.23%. The ex-dividend date was Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio 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.