Squarepoint Ops LLC Makes New Investment in Canadian Imperial Bank of Commerce (NYSE:CM)

Squarepoint Ops LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 8,569 shares of the bank’s stock, valued at approximately $407,000.

Several other hedge funds have also recently made changes to their positions in the stock. Ridgewood Investments LLC purchased a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter worth $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $51,000. BNP Paribas Financial Markets purchased a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $175,000. Independence Bank of Kentucky increased its stake in Canadian Imperial Bank of Commerce by 37.8% in the 1st quarter. Independence Bank of Kentucky now owns 3,646 shares of the bank’s stock worth $185,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Pinnacle Wealth Planning Services Inc. bought a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $201,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on CM shares. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. 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 raised 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 research note on Friday, August 30th. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Finally, StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $59.58 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $56.19 billion, a PE ratio of 12.26, a P/E/G ratio of 1.86 and a beta of 1.07. Canadian Imperial Bank of Commerce has a fifty-two week low of $34.35 and a fifty-two week high of $62.67. The company has a fifty day moving average of $57.07 and a two-hundred day moving average of $51.73.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.19. The company had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.14 EPS. As a group, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.652 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.38%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 54.73%.

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.