Cubist Systematic Strategies LLC Purchases 8,700 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Cubist Systematic Strategies LLC raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 20.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 51,311 shares of the bank's stock after purchasing an additional 8,700 shares during the period. Cubist Systematic Strategies LLC's holdings in Canadian Imperial Bank of Commerce were worth $3,244,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CM. JPMorgan Chase & Co. raised its position in shares of Canadian Imperial Bank of Commerce by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock worth $359,320,000 after acquiring an additional 334,545 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Canadian Imperial Bank of Commerce by 4.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock valued at $255,000 after buying an additional 194 shares in the last quarter. Ritholtz Wealth Management increased its holdings in Canadian Imperial Bank of Commerce by 14.6% during the 4th quarter. Ritholtz Wealth Management now owns 16,393 shares of the bank's stock worth $1,037,000 after purchasing an additional 2,085 shares in the last quarter. Avanza Fonder AB bought a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $3,610,000. Finally, HB Wealth Management LLC bought a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $228,000. 49.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CM. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a report on Thursday. They issued a "sector outperform" rating for the company. StockNews.com upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Tuesday. Finally, Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.55 during trading on Friday, hitting $66.32. The stock had a trading volume of 751,993 shares, compared to its average volume of 1,128,217. The firm has a market cap of $62.35 billion, a price-to-earnings ratio of 12.39, a P/E/G ratio of 1.62 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12 month low of $46.99 and a 12 month high of $67.45. The business's 50-day moving average is $59.17 and its 200 day moving average is $61.71. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, March 28th were issued a $0.6723 dividend. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.06%. Canadian Imperial Bank of Commerce's payout ratio is currently 48.03%.

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.