Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw a significant drop in short interest in the month of June. As of June 30th, there was short interest totalling 11,166,449 shares, a drop of 44.0% from the June 15th total of 19,929,586 shares. Currently, 2.6% of the company’s shares are sold short. Based on an average trading volume of 2,563,434 shares, the days-to-cover ratio is currently 4.4 days.
A number of analysts recently commented on CM shares. Zacks Investment Research raised Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $95.00 price target for the company in a research note on Tuesday, July 18th. Canaccord Genuity started coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 18th. They issued a “buy” rating for the company. BidaskClub raised Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. Finally, National Bank Financial reaffirmed an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $100.63.
Large investors have recently modified their holdings of the company. Aull & Monroe Investment Management Corp purchased a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter valued at $784,000. Naples Global Advisors LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 3.3% in the first quarter. Naples Global Advisors LLC now owns 12,620 shares of the bank’s stock valued at $1,088,000 after buying an additional 400 shares in the last quarter. Barometer Capital Management Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter valued at $34,100,000. Howe & Rusling Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 5.1% in the first quarter. Howe & Rusling Inc. now owns 92,839 shares of the bank’s stock valued at $8,004,000 after buying an additional 4,506 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. boosted its stake in shares of Canadian Imperial Bank of Commerce by 4.5% in the first quarter. Beutel Goodman & Co Ltd. now owns 6,725,603 shares of the bank’s stock valued at $578,950,000 after buying an additional 289,715 shares in the last quarter. Institutional investors and hedge funds own 48.19% of the company’s stock.
Canadian Imperial Bank of Commerce (NYSE CM) traded up 0.27% during trading on Monday, reaching $85.96. The company’s stock had a trading volume of 295,221 shares. The firm’s 50-day moving average price is $83.01 and its 200 day moving average price is $83.96. The company has a market capitalization of $34.52 billion, a P/E ratio of 9.02 and a beta of 1.09. Canadian Imperial Bank of Commerce has a 12-month low of $72.62 and a 12-month high of $92.22.
The company also recently announced a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Wednesday, June 28th were issued a $0.9406 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.38%. The ex-dividend date of this dividend was Monday, June 26th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 41.18%.
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Canadian Imperial Bank of Commerce Company Profile
Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.
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