Twin Tree Management LP Raises Stock Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• Twin Tree Management LP increased its stake in Canadian Imperial Bank of Commerce by 31.1%, purchasing an additional 44,120 shares, bringing its total holdings to 186,049 shares valued at $10,475,000.
• The bank recently declared a quarterly dividend of $0.97 per share, an increase from the previous dividend of $0.70, representing an annualized dividend yield of 5.0%.
• Canadian Imperial Bank of Commerce's earnings per share for the last quarter was $1.57, exceeding expectations by $0.14, with revenues totaling $5.24 billion.

Twin Tree Management LP raised its position in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 31.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 186,049 shares of the bank's stock after buying an additional 44,120 shares during the quarter. Twin Tree Management LP's holdings in Canadian Imperial Bank of Commerce were worth $10,475,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CM. Gradient Investments LLC grew its position in Canadian Imperial Bank of Commerce by 2.4% during the first quarter. Gradient Investments LLC now owns 8,278 shares of the bank's stock worth $466,000 after buying an additional 191 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 4.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock valued at $255,000 after buying an additional 194 shares during the period. Benjamin Edwards Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 5.3% during the first quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank's stock valued at $243,000 after acquiring an additional 216 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of Canadian Imperial Bank of Commerce by 40.0% during the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock valued at $44,000 after acquiring an additional 223 shares in the last quarter. Finally, PDS Planning Inc raised its position in shares of Canadian Imperial Bank of Commerce by 5.2% in the 1st quarter. PDS Planning Inc now owns 5,438 shares of the bank's stock worth $306,000 after acquiring an additional 271 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on CM shares. National Bank Financial cut 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 lifted their target price on 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 Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. 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. Finally, Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating for the company. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and an average price target of $107.50.

Canadian Imperial Bank of Commerce Trading Up 0.9%

Shares of NYSE:CM traded up $0.68 during mid-day trading on Thursday, reaching $79.12. The stock had a trading volume of 658,686 shares, compared to its average volume of 1,196,076. The firm has a 50 day simple moving average of $73.18 and a two-hundred day simple moving average of $65.87. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $79.09. The company has a current ratio of 1.04, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $73.54 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 1.68 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 analysts' consensus estimates of $1.43 by $0.14. The business had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.Canadian Imperial Bank of Commerce's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.93 earnings per share. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business 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 $0.97 dividend. The ex-dividend date is Monday, September 29th. This represents a $3.88 annualized dividend and a yield of 4.9%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's dividend payout ratio is 47.30%.

Canadian Imperial Bank of Commerce Company 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.