Entropy Technologies LP Invests $1.12 Million in Canadian Imperial Bank of Commerce (NYSE:CM)

Entropy Technologies LP acquired a new position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 18,287 shares of the bank’s stock, valued at approximately $1,122,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CM. Ridgewood Investments LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $29,000. Blue Trust Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 571.6% during the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after purchasing an additional 623 shares during the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in Canadian Imperial Bank of Commerce in the second quarter valued at $51,000. Massmutual Trust Co. FSB ADV increased its stake in Canadian Imperial Bank of Commerce by 23.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after buying an additional 171 shares during the last quarter. Finally, City State Bank bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth about $61,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.6 %

CM stock opened at $64.04 on Thursday. Canadian Imperial Bank of Commerce has a 1-year low of $37.97 and a 1-year high of $65.09. The business’s 50 day simple moving average is $61.78 and its 200 day simple moving average is $54.10. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $60.49 billion, a PE ratio of 12.58, a PEG ratio of 1.86 and a beta of 1.06.

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 (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $6.28 billion. During the same quarter last year, the company posted $1.14 EPS. Canadian Imperial Bank of Commerce’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were paid a $0.652 dividend. 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 presently 52.46%.

Wall Street Analyst Weigh In

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