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

Polar Asset Management Partners Inc. decreased its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 20.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,837 shares of the bank's stock after selling 5,163 shares during the period. Polar Asset Management Partners Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $1,254,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Crews Bank & Trust purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $25,000. Operose Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $26,000. SBI Securities Co. Ltd. purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $30,000. Sandy Spring Bank purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $32,000. Finally, IFP Advisors Inc boosted its holdings in Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock valued at $34,000 after purchasing an additional 404 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM traded up $0.36 during trading hours on Thursday, reaching $67.16. 199,215 shares of the stock were exchanged, compared to its average volume of 1,135,895. 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 firm has a 50 day simple moving average of $60.06 and a 200-day simple moving average of $61.82. Canadian Imperial Bank of Commerce has a 52 week low of $46.99 and a 52 week high of $67.45. The stock has a market capitalization of $63.14 billion, a P/E ratio of 12.55, a P/E/G ratio of 1.62 and a beta of 1.06.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Friday, March 28th were issued a dividend of $0.6723 per share. This represents a $2.69 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date was Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 48.03%.

Analysts Set New Price Targets

A number of research analysts recently commented on CM shares. Scotiabank started coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Finally, Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $92.00.

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.