Wellington Management Group LLP Reduces Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Wellington Management Group LLP lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 71.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 173,112 shares of the bank’s stock after selling 424,992 shares during the quarter. Wellington Management Group LLP’s holdings in Canadian Imperial Bank of Commerce were worth $10,627,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of CM. Toronto Dominion Bank lifted its position in shares of Canadian Imperial Bank of Commerce by 17.9% in the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after acquiring an additional 3,942,894 shares in the last quarter. National Bank of Canada FI lifted its holdings in Canadian Imperial Bank of Commerce by 26.8% in the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock valued at $867,377,000 after purchasing an additional 3,875,280 shares in the last quarter. Cibc World Market Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 18.9% during the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after purchasing an additional 3,143,734 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Canadian Imperial Bank of Commerce by 61.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank’s stock worth $334,321,000 after buying an additional 2,681,428 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Canadian Imperial Bank of Commerce by 14.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock valued at $652,676,000 after buying an additional 1,305,665 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM opened at $66.15 on Monday. The business has a 50-day moving average of $63.69 and a two-hundred day moving average of $56.81. The firm has a market capitalization of $62.48 billion, a PE ratio of 12.36, a P/E/G ratio of 1.78 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $43.86 and a 12 month high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be given a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date is Friday, December 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio is 53.46%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CM shares. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, December 6th. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Royal Bank of Canada reissued a “sector perform” rating and issued a $97.00 price target (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, December 6th. Finally, Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.00.

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.