Polar Asset Management Partners Inc. Lowers Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Polar Asset Management Partners Inc. lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 28.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 quarter.

Several other hedge funds have also recently modified their holdings of CM. Ridgewood Investments LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth $29,000. BNP Paribas Financial Markets acquired a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at about $44,000. Blue Trust Inc. lifted its position in Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after purchasing an additional 623 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in Canadian Imperial Bank of Commerce by 23.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after purchasing an additional 171 shares in the last quarter. Finally, City State Bank acquired a new position in Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $61,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CM has been the topic of a number of analyst reports. Cormark upgraded 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 research report on Friday, August 30th. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. Finally, BMO Capital Markets boosted their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Trading Up 4.7 %

NYSE:CM opened at $66.58 on Friday. Canadian Imperial Bank of Commerce has a 52-week low of $42.28 and a 52-week high of $67.12. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a fifty day simple moving average of $62.99 and a 200-day simple moving average of $55.94. The company has a market capitalization 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.

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.