Canadian Imperial Bank of Commerce (NYSE:CM) Sees Large Volume Increase – Should You Buy?

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw strong trading volume on Monday . 917,327 shares traded hands during mid-day trading, a decline of 15% from the previous session’s volume of 1,075,045 shares.The stock last traded at $59.51 and had previously closed at $63.02.

Analyst Upgrades and Downgrades

CM has been the subject of a number of research reports. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

The company has a fifty day moving average price of $63.88 and a two-hundred day moving average price of $60.62. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $58.13 billion, a P/E ratio of 11.53, a PEG ratio of 1.66 and a beta of 1.05.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were issued a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.48%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date was Friday, December 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 51.22%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 4.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock valued at $255,000 after purchasing an additional 194 shares during the last quarter. PDS Planning Inc grew its holdings in Canadian Imperial Bank of Commerce by 4.7% during the 3rd quarter. PDS Planning Inc now owns 4,978 shares of the bank’s stock worth $305,000 after acquiring an additional 224 shares during the period. MML Investors Services LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 0.5% in the 3rd quarter. MML Investors Services LLC now owns 44,008 shares of the bank’s stock valued at $2,699,000 after purchasing an additional 237 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in shares of Canadian Imperial Bank of Commerce by 27.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank’s stock valued at $73,000 after purchasing an additional 250 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in Canadian Imperial Bank of Commerce by 5.7% during the fourth quarter. Fifth Third Bancorp now owns 4,971 shares of the bank’s stock worth $314,000 after purchasing an additional 270 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

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.