Canadian Imperial Bank of Commerce (NYSE:CM) Short Interest Down 57.5% in April

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the target of a large drop in short interest in April. As of April 15th, there was short interest totalling 12,760,000 shares, a drop 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 currently 6.8 days. Currently, 1.4% of the shares of the stock are short sold.

Canadian Imperial Bank of Commerce Stock Up 0.9 %

Shares of CM stock traded up $0.42 on Friday, hitting $47.82. The stock had a trading volume of 843,860 shares, compared to its average volume of 1,343,767. 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 has a one year low of $34.35 and a one year high of $51.14. The business has a 50 day moving average price of $48.67 and a 200 day moving average price of $44.71. The company has a market cap 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 (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.24 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 10.79% and a return on equity of 13.07%. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.47 billion. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.04 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 29th. Investors 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 represents a $2.65 dividend on an annualized basis and a yield of 5.55%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 26.45%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research note on Tuesday, February 20th. Jefferies Financial Group started coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They issued a “buy” rating for the company. Finally, Barclays assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They set an “underweight” rating for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its position in shares of Canadian Imperial Bank of Commerce by 187.3% during the third quarter. Wellington Management Group LLP now owns 266,581 shares of the bank’s stock worth $10,338,000 after purchasing an additional 173,801 shares in the last quarter. CenterBook Partners LP purchased a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at about $4,509,000. American Century Companies Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 8.7% during the third quarter. American Century Companies Inc. now owns 177,501 shares of the bank’s stock worth $6,852,000 after acquiring an additional 14,141 shares during the last quarter. Public Sector Pension Investment Board raised its position in shares of Canadian Imperial Bank of Commerce by 177.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 990,605 shares of the bank’s stock valued at $38,415,000 after purchasing an additional 633,770 shares during the last quarter. Finally, Bank of Nova Scotia Trust Co. boosted its stake in Canadian Imperial Bank of Commerce by 20.4% in the 3rd quarter. Bank of Nova Scotia Trust Co. now owns 563,792 shares of the bank’s stock worth $21,768,000 after purchasing an additional 95,463 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

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.