Canadian Imperial Bank of Commerce (NYSE:CM) Sees Strong Trading Volume – Here’s Why

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) shares saw an uptick in trading volume on Monday . 917,327 shares traded hands during trading, a decline of 15% from the previous session’s volume of 1,075,045 shares.The stock last traded at $59.51 and had previously closed at $63.02.

Wall Street Analyst Weigh In

CM has been the subject of a number of research reports. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $56.23 billion, a PE ratio of 11.15, a PEG ratio of 1.66 and a beta of 1.05. The company has a 50-day moving average of $64.05 and a 200-day moving average of $60.46.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were paid a $0.6912 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.76 annualized dividend and a yield of 4.63%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 51.22%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds have recently added to or reduced their stakes in CM. CIBC Asset Management Inc grew its holdings in Canadian Imperial Bank of Commerce by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after purchasing an additional 375,837 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Canadian Imperial Bank of Commerce by 14.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after purchasing an additional 1,305,665 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Canadian Imperial Bank of Commerce by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after acquiring an additional 334,545 shares during the last quarter. Geode Capital Management LLC grew its stake in Canadian Imperial Bank of Commerce by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock worth $262,598,000 after buying an additional 336,854 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its position in shares of Canadian Imperial Bank of Commerce by 32.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after purchasing an additional 900,575 shares during the last quarter. 49.88% of the stock is currently owned by hedge funds and other 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.