Canadian Imperial Bank of Commerce (NYSE:CM) Sees Large Volume Increase – Here’s What Happened

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw unusually-strong trading volume on Friday . Approximately 5,284,930 shares traded hands during trading, an increase of 297% from the previous session’s volume of 1,332,419 shares.The stock last traded at $114.5620 and had previously closed at $114.37.

Analyst Ratings Changes

Several equities analysts have issued reports on CM shares. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Royal Bank Of Canada upped their price objective on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Weiss Ratings lowered Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, June 4th. Finally, Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Trading Down 0.6%

The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The business has a 50 day moving average of $111.17 and a 200-day moving average of $100.91. The firm has a market capitalization of $103.76 billion, a P/E ratio of 15.62, a PEG ratio of 1.23 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.08. The business had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period last year, the business posted $2.05 earnings per share. Analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be issued a dividend of $1.07 per share. The ex-dividend date is Monday, June 29th. This represents a $4.28 annualized dividend and a yield of 3.8%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 43.13%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors and hedge funds have recently added to or reduced their stakes in CM. Larson Financial Group LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares during the last quarter. EFG International AG acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $35,000. Lodestone Wealth Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $37,000. Global Assets Advisory LLC acquired a new position in Canadian Imperial Bank of Commerce in the 1st quarter valued at about $54,000. Finally, Aventura Private Wealth LLC bought a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $69,000. 49.88% of the stock is owned by institutional investors.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.