Entropy Technologies LP Acquires Shares of 18,287 Canadian Imperial Bank of Commerce (NYSE:CM)

Entropy Technologies LP bought a new position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 18,287 shares of the bank’s stock, valued at approximately $1,122,000.

Other hedge funds have also made changes to their positions in the company. Tacita Capital Inc grew its position in Canadian Imperial Bank of Commerce by 6.2% during the 3rd quarter. Tacita Capital Inc now owns 8,828 shares of the bank’s stock worth $542,000 after acquiring an additional 518 shares during the last quarter. Sustainable Insight Capital Management LLC acquired a new position in Canadian Imperial Bank of Commerce in the third quarter worth $454,000. Assetmark Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 18.8% during the third quarter. Assetmark Inc. now owns 29,181 shares of the bank’s stock worth $1,790,000 after purchasing an additional 4,610 shares during the last quarter. Verdence Capital Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 4.5% in the third quarter. Verdence Capital Advisors LLC now owns 17,435 shares of the bank’s stock valued at $1,069,000 after buying an additional 756 shares in the last quarter. Finally, Fiera Capital Corp raised its holdings in shares of Canadian Imperial Bank of Commerce by 2.1% in the third quarter. Fiera Capital Corp now owns 36,881 shares of the bank’s stock valued at $2,265,000 after buying an additional 772 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $64.04 on Thursday. The firm has a fifty day moving average of $61.78 and a two-hundred day moving average of $54.10. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $60.49 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 1.86 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 52 week low of $37.97 and a 52 week high of $65.09.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same period last year, the business posted $1.14 earnings per share. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were issued a dividend of $0.652 per share. The ex-dividend date was Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.07%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 52.46%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. BMO Capital Markets increased their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Finally, StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Hold” and an average price target of $81.00.

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.