Wealth Alliance Sells 7,190 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Wealth Alliance lessened its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 50.9% during the fourth quarter, HoldingsChannel reports. The firm owned 6,931 shares of the bank’s stock after selling 7,190 shares during the period. Wealth Alliance’s holdings in Canadian Imperial Bank of Commerce were worth $438,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of CM. Crews Bank & Trust bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $25,000. BNP Paribas Financial Markets bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at $44,000. Blue Trust Inc. raised its holdings in Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after acquiring an additional 623 shares during the period. Versant Capital Management Inc raised its holdings in Canadian Imperial Bank of Commerce by 1,069.4% during the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock valued at $46,000 after acquiring an additional 663 shares during the period. Finally, Allworth Financial LP raised its holdings in Canadian Imperial Bank of Commerce by 255.6% during the 4th quarter. Allworth Financial LP now owns 1,120 shares of the bank’s stock valued at $71,000 after acquiring an additional 805 shares during the period. Institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Down 1.3 %

CM opened at $60.81 on Friday. The company has a fifty day moving average price of $62.92 and a 200-day moving average price of $61.49. The firm has a market capitalization of $57.31 billion, a P/E ratio of 11.37, a price-to-earnings-growth ratio of 1.63 and a beta of 1.05. 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 one year low of $46.11 and a one year high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th were given a dividend of $0.6912 per share. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.55%. The ex-dividend date was Friday, December 27th. Canadian Imperial Bank of Commerce’s payout ratio is 51.21%.

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.