Canadian Imperial Bank of Commerce (NYSE:CM) Sees Unusually-High Trading Volume – What’s Next?

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw unusually-strong trading volume on Thursday . Approximately 5,829,142 shares traded hands during mid-day trading, an increase of 375% from the previous session’s volume of 1,226,625 shares.The stock last traded at $95.2050 and had previously closed at $97.39.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CM shares. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, March 10th. Zacks Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 4th. Finally, Barclays upgraded Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Stock Down 1.6%

The stock’s 50-day moving average price is $96.51 and its two-hundred day moving average price is $89.42. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $85.79 billion, a P/E ratio of 13.53, a P/E/G ratio of 0.98 and a beta of 1.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The company had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $5.53 billion. During the same quarter in the previous year, the firm posted $2.20 EPS. Canadian Imperial Bank of Commerce’s revenue was up 15.3% on a year-over-year basis. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be paid a $1.07 dividend. The ex-dividend date is Friday, March 27th. This represents a $4.28 annualized dividend and a dividend yield of 4.6%. Canadian Imperial Bank of Commerce’s payout ratio is presently 44.61%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Canerector Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 11,021.0% in the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock valued at $1,776,913,000 after purchasing an additional 22,042,000 shares in the last quarter. Norges Bank purchased a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth about $958,383,000. Mackenzie Financial Corp boosted its stake in Canadian Imperial Bank of Commerce by 69.3% in the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock worth $986,173,000 after purchasing an additional 4,419,968 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Canadian Imperial Bank of Commerce by 130.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock worth $519,312,000 after purchasing an additional 4,160,060 shares during the period. Finally, FIL Ltd grew its holdings in Canadian Imperial Bank of Commerce by 26.1% during the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock valued at $1,156,438,000 after buying an additional 2,643,495 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.