It's questionable. The first rule of dividing bamboo is to never do it when it's sending up shoots. It won't hurt to see if anything develops, but don't hold your breath waiting. Next time you want to do this, let the shoots mature into culms, and then make your division when the plant is pretty dormant (usually in winter). To protect against squirrels, a 1'-2' high cylinder of wire mesh (like hardware cloth) attached to a stake will provide protection until the shoot is tall enough to have hardened off and become unattractive to those varmints.