Canadian Imperial Bank of Commerce (NYSE:CM) Sees Strong Trading Volume – Still a Buy?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw unusually-strong trading volume on Wednesday . Approximately 5,997,752 shares traded hands during trading, an increase of 456% from the previous session’s volume of 1,078,294 shares.The stock last traded at $58.39 and had previously closed at $58.00.

Analyst Ratings Changes

CM has been the subject of a number of recent analyst reports. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Down 2.0 %

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The business’s fifty day moving average price is $60.15 and its two-hundred day moving average price is $62.07. The stock has a market capitalization of $52.79 billion, a PE ratio of 10.50, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be issued a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.79%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 48.03%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Crews Bank & Trust acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $25,000. Operose Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $26,000. SBI Securities Co. Ltd. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $30,000. Sandy Spring Bank purchased a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $32,000. Finally, IFP Advisors Inc lifted its position in Canadian Imperial Bank of Commerce by 318.1% during the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock valued at $34,000 after purchasing an additional 404 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

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.