Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. trimmed its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 28.6% in the third quarter, HoldingsChannel.com reports. The fund owned 25,000 shares of the bank’s stock after selling 10,000 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,534,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Toronto Dominion Bank boosted its position in Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after acquiring an additional 3,942,894 shares during the last quarter. Cetera Advisors LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth $1,278,000. Public Sector Pension Investment Board boosted its holdings in shares of Canadian Imperial Bank of Commerce by 32.0% during the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after purchasing an additional 900,575 shares during the last quarter. Legal & General Group Plc grew its position in shares of Canadian Imperial Bank of Commerce by 3.3% in the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock valued at $342,946,000 after purchasing an additional 228,130 shares during the period. Finally, Ritholtz Wealth Management increased its stake in Canadian Imperial Bank of Commerce by 140.6% in the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock valued at $878,000 after purchasing an additional 8,362 shares during the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Up 4.7 %

CM opened at $66.58 on Friday. Canadian Imperial Bank of Commerce has a 1 year low of $42.28 and a 1 year high of $67.12. The firm has a 50 day moving average price of $62.99 and a 200 day moving average price of $55.94. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $62.89 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 1.67 and a beta of 1.06.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CM shares. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. BMO Capital Markets upped their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Finally, StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $81.00.

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.