Arrowstreet Capital Limited Partnership Has $52.24 Million Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Arrowstreet Capital Limited Partnership decreased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 41.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 826,709 shares of the bank’s stock after selling 590,846 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.09% of Canadian Imperial Bank of Commerce worth $52,240,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% during the 3rd quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock worth $129,239,000 after buying an additional 67,480 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock worth $359,320,000 after acquiring an additional 334,545 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Canadian Imperial Bank of Commerce during the third quarter worth approximately $10,045,000. Rhumbline Advisers lifted its holdings in Canadian Imperial Bank of Commerce by 12.6% during the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock worth $229,000 after purchasing an additional 404 shares during the last quarter. Finally, Bridgewater Associates LP bought a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter valued at $601,000. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Up 1.2 %

Shares of NYSE CM opened at $56.97 on Wednesday. The stock has a market capitalization of $53.56 billion, a P/E ratio of 10.65, a PEG ratio of 1.62 and a beta of 1.07. The stock’s fifty day moving average is $59.77 and its 200 day moving average is $61.99. Canadian Imperial Bank of Commerce has a 52 week low of $46.50 and a 52 week high of $67.45. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be given a $0.6723 dividend. This represents a $2.69 annualized dividend and a dividend yield of 4.72%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce’s payout ratio is presently 48.03%.

Analyst Ratings Changes

CM has been the subject of a number of recent research reports. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research 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 price objective for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Company 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.