CenterBook Partners LP Makes New $1.33 Million Investment in Canadian Imperial Bank of Commerce (NYSE:CM)

CenterBook Partners LP acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 23,647 shares of the bank's stock, valued at approximately $1,331,000.

Other hedge funds have also recently made changes to their positions in the company. Hudson Value Partners LLC acquired a new stake in Canadian Imperial Bank of Commerce in the first quarter worth about $708,000. MQS Management LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth about $536,000. Bank of New York Mellon Corp raised its stake in shares of Canadian Imperial Bank of Commerce by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 878,426 shares of the bank's stock worth $49,455,000 after purchasing an additional 9,623 shares during the last quarter. Private Trust Co. NA raised its stake in shares of Canadian Imperial Bank of Commerce by 40.0% in the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after purchasing an additional 223 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 8.5% in the fourth quarter. American Century Companies Inc. now owns 299,211 shares of the bank's stock worth $18,927,000 after purchasing an additional 23,403 shares during the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on CM. Royal Bank Of Canada lifted their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating for the company. Wall Street Zen cut Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday. Finally, Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of "Hold" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM traded up $0.27 during trading hours on Friday, hitting $73.29. 742,666 shares of the stock were exchanged, compared to its average volume of 1,125,746. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 12-month low of $47.55 and a 12-month high of $73.52. The company has a market cap of $68.27 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05. The stock's 50-day moving average price is $69.23 and its two-hundred day moving average price is $63.33.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.10. The company had revenue of $5.09 billion during the quarter, compared to analysts' expectations of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The firm's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.75 EPS. Research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be paid a $0.7024 dividend. This represents a $2.81 annualized dividend and a dividend yield of 3.83%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio is 49.56%.

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.