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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 15,900,000 shares, a growth of 61.3% from the February 29th total of 9,860,000 shares. Approximately 1.7% of the shares of the company are sold short. Based on an average daily volume of 2,010,000 shares, the days-to-cover ratio is currently 7.9 days.

Canadian Imperial Bank of Commerce Stock Up 1.3 %

Shares of NYSE:CM traded up $0.65 during midday trading on Friday, hitting $50.72. 1,337,841 shares of the company’s stock were exchanged, compared to its average volume of 2,318,791. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a 50 day moving average price of $47.19 and a 200-day moving average price of $43.20. The company has a market cap of $47.55 billion, a PE ratio of 10.48, a price-to-earnings-growth ratio of 2.35 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $4.47 billion. On average, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 29th. Shareholders of record on Thursday, March 28th will be paid a $0.6634 dividend. This represents a $2.65 dividend on an annualized basis and a yield of 5.23%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. The ex-dividend date is Wednesday, March 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 26.45%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its holdings in Canadian Imperial Bank of Commerce by 187.3% during the 3rd quarter. Wellington Management Group LLP now owns 266,581 shares of the bank’s stock worth $10,338,000 after acquiring an additional 173,801 shares during the period. CenterBook Partners LP purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth about $4,509,000. American Century Companies Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 8.7% in the 3rd quarter. American Century Companies Inc. now owns 177,501 shares of the bank’s stock worth $6,852,000 after purchasing an additional 14,141 shares during the period. Bank of Nova Scotia Trust Co. lifted its position in shares of 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 during the period. Finally, Value Partners Investments Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 11.8% in the 3rd quarter. Value Partners Investments Inc. now owns 1,673,324 shares of the bank’s stock worth $64,890,000 after purchasing an additional 176,750 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, December 8th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research report on Monday, December 18th. Jefferies Financial Group started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They issued a “buy” rating on the stock. National Bank Financial upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, December 20th. Finally, Barclays assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They issued an “underweight” rating on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

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.