Canadian Imperial Bank of Commerce (NYSE:CM) Sees Large Growth in Short Interest

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the recipient of a significant growth in short interest in March. As of March 15th, there was short interest totalling 15,900,000 shares, a growth of 61.3% from the February 29th total of 9,860,000 shares. Based on an average trading volume of 2,010,000 shares, the days-to-cover ratio is presently 7.9 days. Currently, 1.7% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Jefferies Financial Group assumed coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They issued a “buy” rating for the company. Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research note on Tuesday, February 20th. Barclays began coverage on Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They issued an “underweight” rating on the stock. National Bank Financial raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, December 20th. Finally, StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, December 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $63.00.

Canadian Imperial Bank of Commerce Trading Up 1.3 %

Shares of Canadian Imperial Bank of Commerce stock traded up $0.65 on Friday, reaching $50.72. 1,337,841 shares of the company were exchanged, compared to its average volume of 2,318,791. The stock has a fifty day moving average price of $47.19 and a 200-day moving average price of $43.20. The firm has a market capitalization of $47.55 billion, a price-to-earnings ratio of 10.48, a price-to-earnings-growth ratio of 2.35 and a beta of 1.05. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a fifty-two week low of $34.35 and a fifty-two week high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. The business had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.47 billion. On average, analysts expect that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 29th. Stockholders of record on Thursday, March 28th will be paid a dividend of $0.6634 per share. This represents a $2.65 annualized dividend and a dividend yield of 5.23%. The ex-dividend date of this dividend is Wednesday, March 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. Canadian Imperial Bank of Commerce’s dividend payout ratio is 26.45%.

Institutional Trading of Canadian Imperial Bank of Commerce

Several large investors have recently made changes to their positions in CM. Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $404,008,000. Goldman Sachs Group Inc. raised its holdings in Canadian Imperial Bank of Commerce by 347.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,347,124 shares of the bank’s stock valued at $401,831,000 after acquiring an additional 6,483,412 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Canadian Imperial Bank of Commerce by 94.4% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,080,761 shares of the bank’s stock valued at $292,949,000 after acquiring an additional 2,952,277 shares in the last quarter. TD Asset Management Inc raised its holdings in Canadian Imperial Bank of Commerce by 13.8% in the 4th quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock valued at $1,091,089,000 after acquiring an additional 2,730,076 shares in the last quarter. Finally, FIL Ltd raised its holdings in Canadian Imperial Bank of Commerce by 218.0% in the 4th quarter. FIL Ltd now owns 3,195,091 shares of the bank’s stock valued at $153,841,000 after acquiring an additional 2,190,378 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

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.