Pinebridge Investments L.P. lessened its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 15.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,572 shares of the bank’s stock after selling 2,746 shares during the period. Pinebridge Investments L.P.’s holdings in Canadian Imperial Bank of Commerce were worth $1,276,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CM. Northwestern Mutual Wealth Management Co. increased its stake in Canadian Imperial Bank of Commerce by 55.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,474 shares of the bank’s stock valued at $120,000 after buying an additional 526 shares during the period. INR Advisory Services LLC acquired a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $125,000. Quantum Capital Management LLC NJ acquired a new position in Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $134,000. Nationwide Fund Advisors acquired a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $138,000. Finally, D.A. Davidson & CO. acquired a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $162,000. 44.76% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce (NYSE:CM) opened at $93.00 on Friday. Canadian Imperial Bank of Commerce has a 12-month low of $77.20 and a 12-month high of $96.64. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $40,862.05, a PE ratio of 10.93, a PEG ratio of 4.58 and a beta of 1.12.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 29th. Stockholders of record on Thursday, December 28th will be given a dividend of $1.011 per share. The ex-dividend date of this dividend is Wednesday, December 27th. This represents a $4.04 annualized dividend and a dividend yield of 4.35%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 47.04%.

Several equities analysts have commented on the stock. TD Securities raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a research note on Wednesday, September 6th. Canaccord Genuity set a $117.00 target price on shares of Canadian Imperial Bank of Commerce and gave the company a “buy” rating in a research note on Thursday, August 24th. Credit Suisse Group raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to an “outperform” rating and raised their target price for the company from $116.00 to $125.00 in a research note on Friday, December 1st. Scotiabank reissued a “hold” rating and set a $128.00 target price on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, November 22nd. Finally, Zacks Investment Research lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Wednesday, November 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $114.00.

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About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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