Trexquant Investment LP Makes New Investment 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 purchased a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 5,314 shares of the bank's stock, valued at approximately $299,000.

A number of other hedge funds have also made changes to their positions in the business. Gradient Investments LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 2.4% in the 1st quarter. Gradient Investments LLC now owns 8,278 shares of the bank's stock valued at $466,000 after acquiring an additional 191 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Canadian Imperial Bank of Commerce by 4.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock valued at $255,000 after purchasing an additional 194 shares in the last quarter. Benjamin Edwards Inc. grew its holdings in Canadian Imperial Bank of Commerce by 5.3% during the 1st quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank's stock valued at $243,000 after purchasing an additional 216 shares in the last quarter. Private Trust Co. NA grew its holdings in Canadian Imperial Bank of Commerce by 40.0% during 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, PDS Planning Inc grew its holdings in Canadian Imperial Bank of Commerce by 5.2% during the 1st quarter. PDS Planning Inc now owns 5,438 shares of the bank's stock valued at $306,000 after purchasing an additional 271 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded up $0.47 during midday trading on Monday, hitting $79.63. The company's stock had a trading volume of 743,982 shares, compared to its average volume of 1,225,085. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $79.67. The firm's fifty day moving average price is $74.39 and its 200-day moving average price is $66.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $74.02 billion, a P/E ratio of 13.45, 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 quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. The business 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 company's quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.93 EPS. On average, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be paid a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Monday, September 29th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 47.64%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CM. 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. Royal Bank Of Canada increased 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 report on Friday, August 29th. BMO Capital Markets increased their price target on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Finally, Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $107.50.

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.