Cerity Partners LLC Lowers Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Cerity Partners LLC decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 37.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,456 shares of the bank's stock after selling 9,129 shares during the quarter. Cerity Partners LLC's holdings in Canadian Imperial Bank of Commerce were worth $958,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of CM. Geode Capital Management LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 31.3% in the fourth 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. Franklin Resources Inc. increased its stake in Canadian Imperial Bank of Commerce by 11.0% in the 4th quarter. Franklin Resources Inc. now owns 978,161 shares of the bank's stock worth $61,797,000 after purchasing an additional 97,323 shares during the period. Wellington Management Group LLP boosted its stake in shares of Canadian Imperial Bank of Commerce by 21.4% during the fourth quarter. Wellington Management Group LLP now owns 210,127 shares of the bank's stock valued at $13,285,000 after purchasing an additional 37,015 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 2.0% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 216,786 shares of the bank's stock worth $13,698,000 after buying an additional 4,269 shares during the period. Finally, Orion Portfolio Solutions LLC raised its holdings in Canadian Imperial Bank of Commerce by 6.2% during the 4th quarter. Orion Portfolio Solutions LLC now owns 16,921 shares of the bank's stock valued at $1,070,000 after buying an additional 986 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on CM. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their target price for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Tuesday. Finally, Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.0 %

Shares of Canadian Imperial Bank of Commerce stock traded up $0.01 on Thursday, reaching $60.20. The company's stock had a trading volume of 113,179 shares, compared to its average volume of 1,137,104. The company has a market capitalization of $56.60 billion, a price-to-earnings ratio of 11.25, a P/E/G ratio of 1.62 and a beta of 0.98. 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 has a 52 week low of $46.50 and a 52 week high of $67.45. The firm's fifty day simple moving average is $58.00 and its two-hundred day simple moving average is $61.53.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.47%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 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.