Short Interest in Canadian Imperial Bank of Commerce (NYSE:CM) Expands By 26.9%

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the recipient of a significant increase in short interest in the month of 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 trading volume of 1,330,000 shares, the short-interest ratio is presently 10.2 days. Currently, 1.5% of the shares of the company are sold short.

Analysts Set New Price Targets

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

Canadian Imperial Bank of Commerce Trading Down 0.1 %

Canadian Imperial Bank of Commerce stock traded down $0.05 during trading on Monday, reaching $47.48. 802,808 shares of the company were exchanged, compared to its average volume of 1,598,998. Canadian Imperial Bank of Commerce has a 52-week low of $34.35 and a 52-week high of $51.14. The company has a market capitalization of $44.78 billion, a P/E ratio of 9.77, a PEG ratio of 1.87 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 stock’s 50 day simple moving average is $48.39 and its two-hundred day simple moving average is $47.49.

Canadian Imperial Bank of Commerce Cuts Dividend

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

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at $404,008,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in Canadian Imperial Bank of Commerce by 94.4% in the fourth 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 during the period. TD Asset Management Inc raised its position in Canadian Imperial Bank of Commerce by 13.8% in the fourth 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 during the period. FIL Ltd raised its position in Canadian Imperial Bank of Commerce by 218.0% in the fourth quarter. FIL Ltd now owns 3,195,091 shares of the bank’s stock valued at $153,841,000 after purchasing an additional 2,190,378 shares during the period. Finally, Mufg Securities Canada LTD. purchased a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at $94,373,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

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.