Squarepoint Ops LLC Purchases New Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Squarepoint Ops LLC acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 8,569 shares of the bank’s stock, valued at approximately $407,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Canadian Imperial Bank of Commerce by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 35,913,241 shares of the bank’s stock valued at $1,821,520,000 after buying an additional 675,786 shares during the period. Cibc World Market Inc. raised its holdings in Canadian Imperial Bank of Commerce by 18.9% during the second 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 in the last quarter. National Bank of Canada FI boosted its holdings in Canadian Imperial Bank of Commerce by 26.8% in 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 in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Canadian Imperial Bank of Commerce by 61.7% during the 2nd 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 period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Canadian Imperial Bank of Commerce by 94.4% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,080,761 shares of the bank’s stock worth $292,949,000 after buying an additional 2,952,277 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $59.58 on Friday. The firm has a market cap of $56.19 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 1.86 and a beta of 1.07. 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 business’s 50 day moving average is $57.07 and its two-hundred day moving average is $51.73. Canadian Imperial Bank of Commerce has a 52-week low of $34.35 and a 52-week high of $62.67.

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

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be given a $0.652 dividend. The ex-dividend date 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 is presently 54.73%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. BMO Capital Markets upped 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. UBS Group initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a “neutral” rating on the stock. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Finally, StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target 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.