Polar Asset Management Partners Inc. lowered its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 28.6% during the 3rd quarter, according to the company in its most recent filing with the 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.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Toronto Dominion Bank boosted its stake 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 buying an additional 3,942,894 shares during the period. National Bank of Canada FI grew its holdings in Canadian Imperial Bank of Commerce by 26.8% during the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank's stock valued at $867,377,000 after purchasing an additional 3,875,280 shares during the last quarter. Cibc World Market Inc. raised its position in Canadian Imperial Bank of Commerce by 18.9% in the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank's stock worth $938,834,000 after purchasing an additional 3,143,734 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Canadian Imperial Bank of Commerce by 61.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank's stock worth $334,321,000 after purchasing an additional 2,681,428 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank's stock valued at $652,676,000 after buying an additional 1,305,665 shares during the period. Hedge funds and other institutional investors own 49.88% of the company's stock.
Canadian Imperial Bank of Commerce Stock Performance
Shares of Canadian Imperial Bank of Commerce stock traded up $0.13 during midday trading on Friday, hitting $66.71. The company had a trading volume of 1,114,515 shares, compared to its average volume of 1,365,623. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $42.28 and a 12-month high of $67.14. The stock has a market cap of $63.01 billion, a price-to-earnings ratio of 13.11, a PEG ratio of 1.67 and a beta of 1.06. The company has a fifty day simple moving average of $62.99 and a 200 day simple moving average of $55.94.
Canadian Imperial Bank of Commerce Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be issued a $0.6912 dividend. The ex-dividend date is Friday, December 27th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.14%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 52.26%.
Analyst Ratings Changes
A number of analysts have weighed in on CM shares. Royal Bank of Canada reiterated a "sector perform" rating and issued a $97.00 target price (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a report on Friday, August 30th. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an "outperform" rating in a report 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. Finally, StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Saturday, October 19th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $89.00.
Check Out Our Latest Research Report on CM
Canadian Imperial Bank of Commerce Company Profile
(
Free Report)
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.
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