Short Interest in Canadian Imperial Bank of Commerce (NYSE:CM) Grows By 109.8%

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 35,370,000 shares, an increase of 109.8% from the February 28th total of 16,860,000 shares. Approximately 4.0% of the shares of the stock are short sold. Based on an average daily volume of 982,900 shares, the short-interest ratio is presently 36.0 days.

Canadian Imperial Bank of Commerce Trading Down 2.0 %

Shares of Canadian Imperial Bank of Commerce stock traded down $1.13 during trading on Friday, reaching $56.16. The company’s stock had a trading volume of 1,310,798 shares, compared to its average volume of 1,146,790. The company has a market cap of $52.79 billion, a price-to-earnings ratio of 10.50, a PEG ratio of 1.62 and a beta of 1.07. The firm’s 50-day moving average is $60.03 and its two-hundred day moving average is $62.05. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

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

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in Canadian Imperial Bank of Commerce by 21.4% during the fourth quarter. Wellington Management Group LLP now owns 210,127 shares of the bank’s stock worth $13,285,000 after acquiring an additional 37,015 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Canadian Imperial Bank of Commerce by 4.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock worth $255,000 after purchasing an additional 194 shares during the period. Mackenzie Financial Corp raised its stake in Canadian Imperial Bank of Commerce by 41.1% during the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank’s stock valued at $431,952,000 after buying an additional 1,990,520 shares during the last quarter. Forum Financial Management LP lifted its holdings in shares of Canadian Imperial Bank of Commerce by 22.7% during the 4th quarter. Forum Financial Management LP now owns 6,499 shares of the bank’s stock valued at $411,000 after buying an additional 1,203 shares during the period. Finally, Vise Technologies Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 30.0% in the 4th quarter. Vise Technologies Inc. now owns 19,805 shares of the bank’s stock worth $1,252,000 after buying an additional 4,566 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Company Profile

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.