Wellington Management Group LLP Sells 47,689 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Wellington Management Group LLP decreased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 17.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 218,892 shares of the bank’s stock after selling 47,689 shares during the period. Wellington Management Group LLP’s holdings in Canadian Imperial Bank of Commerce were worth $10,591,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CM. Janiczek Wealth Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 34.9% in the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after purchasing an additional 222 shares during the period. Glassman Wealth Services lifted its position in shares of Canadian Imperial Bank of Commerce by 57.5% during the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock worth $33,000 after buying an additional 253 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Canadian Imperial Bank of Commerce by 4.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,200 shares of the bank’s stock valued at $347,000 after buying an additional 300 shares in the last quarter. Raymond James Trust N.A. grew its position in Canadian Imperial Bank of Commerce by 2.3% in the fourth quarter. Raymond James Trust N.A. now owns 13,576 shares of the bank’s stock valued at $654,000 after acquiring an additional 307 shares during the last quarter. Finally, Tobam raised its stake in Canadian Imperial Bank of Commerce by 7.3% during the fourth quarter. Tobam now owns 7,316 shares of the bank’s stock worth $354,000 after acquiring an additional 499 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Thursday, June 20th. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a report on Friday, May 31st. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. Finally, Barclays began coverage on Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They set an “underweight” rating on the stock. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $67.00.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $48.53 on Friday. The firm has a market cap of $45.76 billion, a P/E ratio of 9.98, a P/E/G ratio of 1.91 and a beta of 1.06. The stock’s 50 day moving average is $48.35 and its 200 day moving average is $47.72. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06. Canadian Imperial Bank of Commerce has a one year low of $34.35 and a one year high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.07. The company had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.48 billion. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Friday, June 28th will be paid a $0.653 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 5.38%. The ex-dividend date of this dividend is Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 54.53%.

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.