Trexquant Investment LP Purchases New Shares in Canadian Imperial Bank of Commerce $CM

Key Points

• Trexquant Investment LP has invested approximately $299,000 in Canadian Imperial Bank of Commerce, acquiring 5,314 shares in the first quarter.
• The bank recently reported quarterly earnings of $1.57 per share, exceeding analysts' expectations, with a revenue of $5.24 billion.
• Canadian Imperial Bank of Commerce has increased its quarterly dividend to $0.97 per share, resulting in an annualized yield of 5.0%.

Trexquant Investment LP acquired 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 firm acquired 5,314 shares of the bank's stock, valued at approximately $299,000.

Several other hedge funds also recently made changes to their positions in CM. TruNorth Capital Management LLC lifted its position in Canadian Imperial Bank of Commerce by 156.0% in the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after purchasing an additional 312 shares during the period. HM Payson & Co. acquired a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth $29,000. Truvestments Capital LLC acquired a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth $32,000. Private Trust Co. NA raised its stake in shares of Canadian Imperial Bank of Commerce by 40.0% in the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after purchasing an additional 223 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Canadian Imperial Bank of Commerce by 51.1% during the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock valued at $51,000 after buying an additional 305 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CM. Royal Bank Of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. BMO Capital Markets lifted their target price on shares of 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. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, National Bank Financial lowered shares of 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. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Down 0.5%

Shares of Canadian Imperial Bank of Commerce stock traded down $0.39 during trading on Friday, reaching $79.16. 617,567 shares of the company traded hands, compared to its average volume of 1,241,380. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $79.67. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $73.58 billion, a PE ratio of 13.37, a P/E/G ratio of 1.72 and a beta of 1.03. The company has a 50 day moving average price of $74.24 and a 200-day moving average price of $66.70.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.93 earnings per share. As a group, equities research analysts expect 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 company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be given 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 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's payout ratio is 47.30%.

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.