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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw an uptick in trading volume on Tuesday . 3,118,473 shares were traded during trading, an increase of 129% from the previous session’s volume of 1,360,364 shares.The stock last traded at $64.39 and had previously closed at $64.28.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $97.00 price objective (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a report on Friday, December 6th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, December 6th. Finally, BMO Capital Markets raised their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Hold” and an average price target of $89.00.

Canadian Imperial Bank of Commerce Trading Up 0.2 %

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 capitalization of $60.85 billion, a P/E ratio of 12.04, a price-to-earnings-growth ratio of 1.78 and a beta of 1.06. The business has a fifty day moving average price of $64.23 and a 200 day moving average price of $57.44.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be paid a dividend of $0.6912 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. This represents a $2.76 annualized dividend and a dividend yield of 4.29%. The ex-dividend date is Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 53.46%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of large investors have recently modified their holdings of the business. Ridgewood Investments LLC bought a new stake in Canadian Imperial Bank of Commerce during the second quarter worth $29,000. BNP Paribas Financial Markets bought a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $44,000. Blue Trust Inc. grew its holdings in Canadian Imperial Bank of Commerce by 571.6% during the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after purchasing an additional 623 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new position in Canadian Imperial Bank of Commerce during the second quarter worth approximately $51,000. Finally, Massmutual Trust Co. FSB ADV raised its stake in Canadian Imperial Bank of Commerce by 23.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after buying an additional 171 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Imperial Bank of Commerce

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.