Canadian Imperial Bank of Commerce (NYSE:CM) Sees Large Increase in Short Interest

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 9,100,000 shares, a growth of 31.1% from the August 30th total of 6,940,000 shares. Based on an average daily volume of 523,400 shares, the days-to-cover ratio is currently 17.4 days. Approximately 2.0% of the company’s stock are short sold.

Canadian Imperial Bank of Commerce stock traded up $0.02 during midday trading on Monday, reaching $83.24. 117,578 shares of the company’s stock were exchanged, compared to its average volume of 445,839. Canadian Imperial Bank of Commerce has a 52 week low of $72.96 and a 52 week high of $89.91. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market cap of $37.02 billion, a price-to-earnings ratio of 8.91, a P/E/G ratio of 2.97 and a beta of 1.17. The stock’s 50-day simple moving average is $80.66 and its 200 day simple moving average is $79.69.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, August 22nd. The bank reported $3.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.81. Canadian Imperial Bank of Commerce had a return on equity of 15.92% and a net margin of 18.39%. The company had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $3.50 billion. During the same quarter in the previous year, the company posted $3.08 earnings per share. Research analysts forecast that Canadian Imperial Bank of Commerce will post 9.1 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be issued a dividend of $1.091 per share. This represents a $4.36 dividend on an annualized basis and a dividend yield of 5.24%. The ex-dividend date of this dividend is Thursday, September 26th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.04. Canadian Imperial Bank of Commerce’s payout ratio is currently 46.36%.

Several large investors have recently modified their holdings of CM. Townsend & Associates Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 12.9% in the third quarter. Townsend & Associates Inc now owns 27,639 shares of the bank’s stock valued at $2,226,000 after buying an additional 3,156 shares during the period. Hexavest Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at approximately $11,908,000. Nexus Investment Management Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 12.8% in the third quarter. Nexus Investment Management Inc. now owns 39,020 shares of the bank’s stock valued at $3,220,000 after buying an additional 4,432 shares during the period. Addenda Capital Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 20.3% in the third quarter. Addenda Capital Inc. now owns 57,250 shares of the bank’s stock valued at $4,789,000 after buying an additional 9,650 shares during the period. Finally, Allred Capital Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at approximately $201,000. Institutional investors own 44.54% of the company’s stock.

CM has been the topic of a number of recent research reports. ValuEngine raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Barclays reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, August 22nd. Royal Bank of Canada reaffirmed a “hold” rating and issued a $124.00 target price (down previously from $128.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. BMO Capital Markets reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. Finally, Zacks Investment Research downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Monday, August 19th. Ten equities research analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and a consensus price target of $120.67.

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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