Canadian Imperial Bank of Commerce (NYSE:CM) Short Interest Up 109.8% in March

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the target of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 35,370,000 shares, an increase of 109.8% from the February 28th total of 16,860,000 shares. Currently, 4.0% of the shares of the company are short sold. Based on an average daily trading volume, of 982,900 shares, the short-interest ratio is currently 36.0 days.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CM. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, February 14th. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM traded down $1.13 during trading hours on Friday, reaching $56.16. 1,310,798 shares of the stock traded hands, compared to its average volume of 1,146,790. The company has a market cap of $52.79 billion, a P/E ratio of 10.50, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average price is $60.03 and its two-hundred day moving average price is $62.05. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be given a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a dividend yield of 4.79%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 48.03%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Crews Bank & Trust bought a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $25,000. Operose Advisors LLC bought a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at $26,000. SBI Securities Co. Ltd. purchased a new stake in Canadian Imperial Bank of Commerce in the 4th quarter worth $30,000. Sandy Spring Bank bought a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at about $32,000. Finally, IFP Advisors Inc grew its position in shares of Canadian Imperial Bank of Commerce by 318.1% during the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock valued at $34,000 after purchasing an additional 404 shares in the last quarter. 49.88% of the stock is 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.