Alliancebernstein L.P. Has $6.97 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Alliancebernstein L.P. trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 21.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CM. Vanguard Group Inc. lifted 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 worth $2,491,431,000 after acquiring an additional 749,843 shares during the period. TD Asset Management Inc. lifted its stake in 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 purchasing an additional 851,164 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank's stock valued at $679,613,000 after purchasing an additional 115,884 shares in 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. raised its holdings in shares of 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 in the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

CM traded up $0.24 on Thursday, reaching $59.01. The stock had a trading volume of 103,593 shares, compared to its average volume of 1,142,420. The firm has a 50-day moving average of $58.24 and a 200-day moving average of $61.57. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.50 and a fifty-two week high of $67.45. The company has a market capitalization of $55.47 billion, a price-to-earnings ratio of 11.03, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.56%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 48.03%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CM. Royal Bank of Canada raised 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 research note on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Monday. 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 currently 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.