PDT Partners LLC Takes $9.22 Million Position in Canadian Imperial Bank of Commerce $CM

Key Points

• PDT Partners initiated an approximately $9.22 million position in Canadian Imperial Bank of Commerce by purchasing 80,181 shares during the second quarter.
• Institutional ownership remains significant at 49.88%, with several major investors—including Deutsche Bank and Mediolanum International Funds—also increasing or initiating positions.
• CIBC reported quarterly EPS of $1.86, exceeding estimates of $1.78, while revenue rose 14% year over year to $5.89 billion. Analysts maintain a “Moderate Buy” consensus rating with a $167 target price.

PDT Partners LLC purchased a new position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 80,181 shares of the bank's stock, valued at approximately $9,221,000.

A number of other institutional investors have also made changes to their positions in CM. Deutsche Bank AG bought a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $237,643,000. Bank of Nova Scotia increased its stake in Canadian Imperial Bank of Commerce by 0.5% in the first quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank's stock valued at $1,201,762,000 after purchasing an additional 57,210 shares in the last quarter. Mediolanum International Funds Ltd increased its stake in Canadian Imperial Bank of Commerce by 142.8% in the first quarter. Mediolanum International Funds Ltd now owns 142,455 shares of the bank's stock valued at $13,086,000 after purchasing an additional 83,784 shares in the last quarter. Investment Management Corp of Ontario raised its holdings in Canadian Imperial Bank of Commerce by 38.6% in the fourth quarter. Investment Management Corp of Ontario now owns 290,749 shares of the bank's stock worth $26,345,000 after purchasing an additional 80,914 shares during the period. Finally, Legal & General Group Plc raised its holdings in Canadian Imperial Bank of Commerce by 2.0% in the fourth quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank's stock worth $587,790,000 after purchasing an additional 125,069 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Up 3.1%

Shares of CM stock opened at $118.44 on Wednesday. The firm has a fifty day moving average of $117.24 and a 200-day moving average of $108.67. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 12-month low of $72.61 and a 12-month high of $124.86. The company has a market capitalization of $108.11 billion, a price-to-earnings ratio of 16.27, a P/E/G ratio of 1.20 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating the consensus estimate of $1.78 by $0.08. The business had revenue of $5.89 billion for the quarter, compared to analysts' expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The firm's revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.05 EPS. As a group, equities research analysts predict that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CM. Jefferies Financial Group reissued a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. TD Securities reaffirmed a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, August 12th. Raymond James Financial reiterated a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Zacks Research downgraded Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Finally, Desjardins lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and a consensus target price of $167.00.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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