Graham Capital Management L.P. Takes $6.04 Million Position in Canadian Imperial Bank of Commerce $CM

Key Points

• Graham Capital Management L.P. acquired 107,248 shares of Canadian Imperial Bank of Commerce, valued at approximately $6,038,000, signaling increased interest from institutional investors.
• The bank reported earnings of $1.57 per share for the last quarter, exceeding analysts’ expectations and marking a 3.3% increase in revenue year-over-year.
• Canadian Imperial Bank of Commerce announced a quarterly dividend increase from $0.70 to $0.97 per share, representing a 5.0% yield and reflecting a healthy payout ratio of 49.56%.

Graham Capital Management L.P. bought a new stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 107,248 shares of the bank's stock, valued at approximately $6,038,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Northern Trust Corp boosted its stake in Canadian Imperial Bank of Commerce by 38.9% in the 4th quarter. Northern Trust Corp now owns 626,852 shares of the bank's stock worth $39,636,000 after purchasing an additional 175,669 shares during the period. AXA S.A. boosted its holdings in Canadian Imperial Bank of Commerce by 36.4% in the fourth quarter. AXA S.A. now owns 408,593 shares of the bank's stock worth $25,835,000 after acquiring an additional 109,119 shares in the last quarter. Algert Global LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 5.3% during the fourth quarter. Algert Global LLC now owns 23,577 shares of the bank's stock valued at $1,490,000 after purchasing an additional 1,193 shares in the last quarter. Ameriprise Financial Inc. increased its position in Canadian Imperial Bank of Commerce by 2.3% during the fourth quarter. Ameriprise Financial Inc. now owns 29,735 shares of the bank's stock valued at $1,880,000 after acquiring an additional 663 shares during the last quarter. Finally, Baird Financial Group Inc. increased its position in Canadian Imperial Bank of Commerce by 13.8% during the fourth quarter. Baird Financial Group Inc. now owns 30,332 shares of the bank's stock valued at $1,918,000 after acquiring an additional 3,682 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CM shares. Royal Bank Of Canada raised their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Scotiabank started coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating for the company. Finally, National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded up $1.11 during midday trading on Wednesday, reaching $78.36. 1,229,392 shares of the company were exchanged, compared to its average volume of 1,303,942. The company has a current ratio of 1.04, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $78.44. The stock has a fifty day simple moving average of $73.01 and a 200 day simple moving average of $65.78. The stock has a market cap of $72.84 billion, a P/E ratio of 13.24, a PEG ratio of 1.68 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same quarter last year, the company posted $1.93 earnings per share. The business's revenue was up 3.3% on a year-over-year basis. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be issued a dividend of $0.97 per share. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is 47.64%.

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.