Wells Fargo & Company MN Sells 361,936 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Wells Fargo & Company MN lowered its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 48.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 377,587 shares of the bank's stock after selling 361,936 shares during the quarter. Wells Fargo & Company MN's holdings in Canadian Imperial Bank of Commerce were worth $23,873,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Crews Bank & Trust bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $25,000. SBI Securities Co. Ltd. bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $30,000. Sandy Spring Bank purchased a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at $32,000. IFP Advisors Inc lifted its holdings in Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after purchasing an additional 404 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $44,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Up 0.3 %

Shares of CM traded up $0.17 during mid-day trading on Friday, reaching $58.94. The company's stock had a trading volume of 588,465 shares, compared to its average volume of 1,144,478. 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 has a 52 week low of $46.50 and a 52 week high of $67.45. The company's fifty day moving average price is $58.19 and its two-hundred day moving average price is $61.56. The stock has a market cap of $55.41 billion, a PE ratio of 11.02, a P/E/G ratio of 1.62 and a beta of 0.98.

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 issued a $0.6723 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.56%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 48.03%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CM. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Monday. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus 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.