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 in 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. Approximately 4.0% of the shares of the stock are short sold. Based on an average trading volume of 982,900 shares, the days-to-cover ratio is presently 36.0 days.

Canadian Imperial Bank of Commerce Trading Down 2.0 %

NYSE CM traded down $1.13 on Friday, reaching $56.16. 1,310,798 shares of the company were exchanged, compared to its average volume of 1,146,790. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.50 and a fifty-two week high of $67.45. The stock has a market capitalization 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 business’s fifty day moving average price is $60.03 and its 200 day moving average price is $62.05. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be issued a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis 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%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank’s stock valued at $2,491,431,000 after buying an additional 749,843 shares during the period. TD Asset Management Inc. increased its stake in Canadian Imperial Bank of Commerce by 3.7% during the fourth quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank’s stock worth $1,492,138,000 after acquiring an additional 851,164 shares during the last quarter. Toronto Dominion Bank raised its position in Canadian Imperial Bank of Commerce by 1.1% in the fourth quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank’s stock valued at $1,398,619,000 after purchasing an additional 234,088 shares during the period. FIL Ltd lifted its stake in shares of Canadian Imperial Bank of Commerce by 53.6% in the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank’s stock valued at $783,613,000 after purchasing an additional 4,321,451 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank’s stock worth $679,613,000 after purchasing an additional 115,884 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.