Canadian Imperial Bank of Commerce (NYSE:CM) Sees Strong Trading Volume – Here’s What Happened

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw strong trading volume on Wednesday . 5,997,752 shares changed hands during trading, an increase of 456% from the previous session’s volume of 1,078,294 shares.The stock last traded at $58.39 and had previously closed at $58.00.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CM. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Royal Bank of Canada raised shares of 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 research note 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Trading Up 0.3 %

The company has a 50 day moving average of $60.35 and a 200-day moving average of $62.13. The stock has a market cap of $54.69 billion, a price-to-earnings ratio of 10.88, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm 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 4.62%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 48.03%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds have recently added to or reduced their stakes in CM. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $570,477,000. Capital International Investors acquired a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth $424,386,000. FIL Ltd increased its holdings in Canadian Imperial Bank of Commerce by 53.6% during the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank’s stock worth $783,613,000 after purchasing an additional 4,321,451 shares during the period. JPMorgan Chase & Co. raised its position in Canadian Imperial Bank of Commerce by 37.3% in the 4th quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank’s stock valued at $508,566,000 after purchasing an additional 2,185,262 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of Canadian Imperial Bank of Commerce by 41.1% in the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank’s stock valued at $431,952,000 after buying an additional 1,990,520 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.