Bridgewater Associates LP Invests $601,000 in Canadian Imperial Bank of Commerce (NYSE:CM)

Bridgewater Associates LP bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,784 shares of the bank's stock, valued at approximately $601,000.

Several other hedge funds have also recently made changes to their positions in the company. Ridgewood Investments LLC purchased a new position in Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $29,000. BNP Paribas Financial Markets bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at $44,000. Blue Trust Inc. lifted 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 worth $45,000 after purchasing an additional 623 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth about $51,000. Finally, Massmutual Trust Co. FSB ADV grew its holdings in Canadian Imperial Bank of Commerce by 23.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank's stock valued at $56,000 after buying an additional 171 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.9 %

CM traded down $0.60 during trading on Tuesday, hitting $63.47. 1,104,775 shares of the stock traded hands, compared to its average volume of 1,364,276. The firm has a 50-day moving average of $62.78 and a 200 day moving average of $55.60. Canadian Imperial Bank of Commerce has a 12-month low of $41.44 and a 12-month high of $65.89. The firm has a market capitalization of $59.95 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 1.70 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CM. 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. BMO Capital Markets lifted 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 note on Friday, August 30th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Saturday, October 19th. Finally, Cormark upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 30th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $81.00.

About Canadian Imperial Bank of Commerce

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.