Canadian Imperial Bank of Commerce (NYSE:CM) Short Interest Update

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the target of a large increase in short interest in May. As of May 31st, there was short interest totalling 13,620,000 shares, an increase of 26.9% from the May 15th total of 10,730,000 shares. Based on an average daily volume of 1,330,000 shares, the days-to-cover ratio is currently 10.2 days. Currently, 1.5% of the company’s stock are sold short.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently modified their holdings of CM. Norges Bank bought a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $404,008,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Canadian Imperial Bank of Commerce by 94.4% during 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 purchasing an additional 2,952,277 shares in the last quarter. TD Asset Management Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 13.8% during 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 purchasing an additional 2,730,076 shares in the last quarter. 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 worth $153,841,000 after acquiring an additional 2,190,378 shares during the period. Finally, Mufg Securities Canada LTD. bought a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth $94,373,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CM. Scotiabank upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research note on Tuesday, February 20th. Jefferies Financial Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They issued a “buy” rating for the company. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Barclays assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They issued an “underweight” rating for the company. Finally, BMO Capital Markets upped their target price on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of “Hold” and a consensus price target of $67.00.

Canadian Imperial Bank of Commerce Trading Down 0.1 %

Canadian Imperial Bank of Commerce stock traded down $0.05 during midday trading on Monday, reaching $47.48. The stock had a trading volume of 802,808 shares, compared to its average volume of 1,598,998. The firm’s fifty day simple moving average is $48.39 and its two-hundred day simple moving average is $47.49. Canadian Imperial Bank of Commerce has a twelve month low of $34.35 and a twelve month high of $51.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market cap of $44.78 billion, a price-to-earnings ratio of 9.77, a PEG ratio of 1.87 and a beta of 1.06.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.653 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 5.50%. The ex-dividend date of this dividend is Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 54.53%.

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.