PDT Partners LLC Acquires New Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• PDT Partners LLC has invested approximately $3.84 million in the Canadian Imperial Bank of Commerce ($CM), acquiring 68,189 shares during the first quarter.
• The Canadian Imperial Bank of Commerce has recently increased its quarterly dividend from $0.70 to $0.97 per share, indicating a strong annual yield of 5.0%.
• Analysts have mixed views on the stock, with three giving it a Buy rating and the consensus rating being a Moderate Buy with an average price target of $107.50.

PDT Partners LLC bought a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 68,189 shares of the bank's stock, valued at approximately $3,839,000.

Other institutional investors have also added to or reduced their stakes in the company. Northern Trust Corp raised its stake in Canadian Imperial Bank of Commerce by 38.9% in the fourth quarter. Northern Trust Corp now owns 626,852 shares of the bank's stock valued at $39,636,000 after purchasing an additional 175,669 shares in the last quarter. AXA S.A. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 36.4% during the 4th 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 during the last quarter. Algert Global LLC grew its position in Canadian Imperial Bank of Commerce by 5.3% in the fourth quarter. Algert Global LLC now owns 23,577 shares of the bank's stock worth $1,490,000 after acquiring an additional 1,193 shares in the last quarter. Ameriprise Financial Inc. raised 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 purchasing an additional 663 shares in the last quarter. Finally, Baird Financial Group Inc. lifted its stake 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 worth $1,918,000 after purchasing an additional 3,682 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Canadian Imperial Bank of Commerce Stock Down 1.1%

CM traded down $0.84 on Friday, hitting $78.30. The company had a trading volume of 1,228,883 shares, compared to its average volume of 1,258,628. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $79.67. The stock has a fifty day simple moving average of $73.52 and a 200-day simple moving average of $66.09. The firm has a market capitalization of $72.78 billion, a P/E ratio of 13.23, a P/E/G ratio of 1.71 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share 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 the consensus estimate of $5.12 billion. During the same quarter in the prior year, the business earned $1.93 EPS. The business's revenue for the quarter was up 3.3% on a year-over-year basis. As a group, equities analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

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

Canadian Imperial Bank of Commerce Profile

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.