1832 Asset Management buys $685 Million stake in Canadian Imperial Bank of Commerce (USA) (CM)

Canadian Imperial Bank of Commerce (USA) (CM) : 1832 Asset Management scooped up 2,207,501 additional shares in Canadian Imperial Bank of Commerce (USA) during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 8,759,777 shares of Canadian Imperial Bank of Commerce (USA) which is valued at $685 Million.Canadian Imperial Bank of Commerce (USA) makes up approximately 2.72% of 1832 Asset Management’s portfolio.

Other Hedge Funds, Including , Mackenzie Financial Corp sold out all of its stake in CM during the most recent quarter. The investment firm sold 3,121,189 shares of CM which is valued $244.1 Million. Caprock Group added CM to its portfolio by purchasing 4,073 company shares during the most recent quarter which is valued at $318,509. Canadian Imperial Bank of Commerce (USA) makes up approx 0.08% of Caprock Group’s portfolio.Cibc Asset Management Inc reduced its stake in CM by selling 658,732 shares or 8.93% in the most recent quarter. The Hedge Fund company now holds 6,721,927 shares of CM which is valued at $525.7 Million. Canadian Imperial Bank of Commerce (USA) makes up approx 3.90% of Cibc Asset Management Inc’s portfolio.

Canadian Imperial Bank of Commerce (USA) opened for trading at $77.26 and hit $77.8 on the upside on Friday, eventually ending the session at $77.31, with a gain of 0.51% or 0.39 points. The heightened volatility saw the trading volume jump to 1,59,579 shares. Company has a market cap of $30,551 M.

On the company’s financial health, Canadian Imperial Bank of Commerce (USA) reported $2.55 EPS for the quarter, beating the analyst consensus estimate by $ 0.17 according to the earnings call on Feb 25, 2016. Analyst had a consensus of $2.38.Analysts expectations of $ 3649.05.

Canadian Imperial Bank of Commerce (CIBC) is a Canada-based financial institution. CIBC serves its clients through three strategic business units: Retail and Business Banking Wealth Management and Wholesale Banking. Its three main operating groups are supported by six functional groups: Technology and Operations; Corporate Development; Finance; Treasury; Administration; and Risk Management which form part of Corporate and Other. Retail and Business Banking provides financial advice banking investment and authorized insurance products and services from over 1100 branches mobile sales force telephone banking and online and mobile banking. Wealth Management provides relationship-based advisory services and a suite of investment solutions to meet the needs of institutional retail and high net worth clients. Wholesale Banking provides a range of credit capital market investment banking merchant banking and research products and services to the clients.

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