Short Interest in Canadian Imperial Bank of Commerce (NYSE:CM) Grows By 26.9%

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw a large increase in short interest in May. As of May 31st, there was short interest totalling 13,620,000 shares, an increase of 26.9% from the May 15th total of 10,730,000 shares. Based on an average trading volume of 1,330,000 shares, the days-to-cover ratio is currently 10.2 days. Approximately 1.5% of the shares of the company are short sold.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Janiczek Wealth Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 34.9% in the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock worth $41,000 after buying an additional 222 shares in the last quarter. Gulf International Bank UK Ltd raised its stake in shares of Canadian Imperial Bank of Commerce by 3.8% in the 1st quarter. Gulf International Bank UK Ltd now owns 6,390 shares of the bank’s stock worth $324,000 after buying an additional 236 shares in the last quarter. Glassman Wealth Services raised its stake in shares of Canadian Imperial Bank of Commerce by 57.5% in the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock worth $33,000 after buying an additional 253 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Canadian Imperial Bank of Commerce by 4.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,200 shares of the bank’s stock worth $347,000 after buying an additional 300 shares in the last quarter. Finally, Raymond James Trust N.A. raised its stake in shares of Canadian Imperial Bank of Commerce by 2.3% in the 4th quarter. Raymond James Trust N.A. now owns 13,576 shares of the bank’s stock worth $654,000 after buying an additional 307 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded down $0.04 during mid-day trading on Monday, hitting $47.49. 632,417 shares of the company’s stock traded hands, compared to its average volume of 1,597,529. The firm has a 50 day moving average price of $48.44 and a 200 day moving average price of $47.44. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. The company has a market cap of $44.79 billion, a PE ratio of 9.74, a price-to-earnings-growth ratio of 1.87 and a beta of 1.06. Canadian Imperial Bank of Commerce has a one year low of $34.35 and a one year high of $51.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.653 per share. This represents a $2.61 annualized dividend and a yield of 5.50%. The ex-dividend date is Friday, June 28th. Canadian Imperial Bank of Commerce’s payout ratio is currently 54.53%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods upgraded Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Scotiabank upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, February 20th. BMO Capital Markets boosted their price objective on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. Barclays began coverage on Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They set an “underweight” rating for the company. Finally, Jefferies Financial Group began coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $67.00.

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.