Canadian Imperial Bank of Commerce (NYSE:CM) Sees Significant Increase in Short Interest

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the recipient of a significant increase in short interest in the month of August. As of August 15th, there was short interest totalling 14,640,000 shares, an increase of 62.3% from the July 31st total of 9,020,000 shares. Based on an average trading volume of 1,230,000 shares, the short-interest ratio is presently 11.9 days. Approximately 1.6% of the shares of the stock are short sold.

Canadian Imperial Bank of Commerce Trading Up 1.6 %

Shares of Canadian Imperial Bank of Commerce stock traded up $0.93 on Friday, reaching $58.44. The company had a trading volume of 1,664,396 shares, compared to its average volume of 1,469,160. The firm has a market cap of $55.11 billion, a price-to-earnings ratio of 12.02, a P/E/G ratio of 1.99 and a beta of 1.06. 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’s 50-day moving average price is $50.77 and its two-hundred day moving average price is $49.25. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $59.10.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.14 EPS. As a group, research analysts predict that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be issued a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date of this dividend is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 54.12%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 35,237,455 shares of the bank’s stock worth $1,696,331,000 after acquiring an additional 1,395,600 shares during the last quarter. M&G Plc bought a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $8,221,000. Cetera Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $1,278,000. Mitsubishi UFJ Trust & Banking Corp raised its position in Canadian Imperial Bank of Commerce by 1,091.2% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 267,124 shares of the bank’s stock valued at $13,477,000 after purchasing an additional 244,700 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Canadian Imperial Bank of Commerce by 47.0% during the 4th quarter. Principal Financial Group Inc. now owns 68,300 shares of the bank’s stock valued at $3,305,000 after purchasing an additional 21,833 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CM shares. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. UBS Group started coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods upgraded Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $68.33.

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.