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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the recipient of a significant decrease in short interest in the month of April. As of April 15th, there was short interest totalling 12,760,000 shares, a decrease of 57.5% from the March 31st total of 30,020,000 shares. Based on an average daily trading volume, of 1,880,000 shares, the short-interest ratio is presently 6.8 days. Approximately 1.4% of the company’s stock are short sold.

Institutional Trading of Canadian Imperial Bank of Commerce

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bruce G. Allen Investments LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $33,000. Glassman Wealth Services lifted its holdings in shares of Canadian Imperial Bank of Commerce by 57.5% during the fourth quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock worth $33,000 after purchasing an additional 253 shares during the period. Janiczek Wealth Management LLC grew its position in Canadian Imperial Bank of Commerce by 34.9% in the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after buying an additional 222 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Canadian Imperial Bank of Commerce by 574.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after buying an additional 908 shares during the period. Finally, Principal Securities Inc. purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth $64,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

CM traded up $0.42 on Friday, reaching $47.82. The company had a trading volume of 843,860 shares, compared to its average volume of 1,343,767. The stock has a 50-day moving average price of $48.67 and a 200-day moving average price of $44.71. The stock has a market capitalization of $44.85 billion, a PE ratio of 9.88, a P/E/G ratio of 2.24 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $51.14. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, February 29th. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.10. The firm had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.47 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. As a group, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 29th. Stockholders of record on Thursday, March 28th will be given a dividend of $0.6634 per share. The ex-dividend date is Wednesday, March 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. This represents a $2.65 dividend on an annualized basis and a dividend yield of 5.55%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 26.45%.

Wall Street Analyst Weigh In

CM has been the subject of a number of recent research reports. Jefferies Financial Group began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, February 22nd. They issued a “buy” rating for the company. Scotiabank raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, February 20th. Finally, Barclays assumed coverage on Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They issued an “underweight” rating on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

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.