Canadian Imperial Bank of Commerce (NYSE:CM) Sees Unusually-High Trading Volume – Here’s Why

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) shares saw unusually-high trading volume on Friday . 5,284,930 shares changed hands during mid-day trading, an increase of 297% from the previous session’s volume of 1,332,419 shares.The stock last traded at $114.5620 and had previously closed at $114.37.

Analyst Ratings Changes

CM has been the subject of several research reports. Royal Bank Of Canada lifted their price target on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Scotiabank reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Zacks Research cut shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Finally, Weiss Ratings lowered Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, June 4th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Trading Down 0.6%

The stock has a market cap of $103.76 billion, a P/E ratio of 15.62, a PEG ratio of 1.23 and a beta of 1.02. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The business’s 50 day simple moving average is $111.17 and its two-hundred day simple moving average is $100.91.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The business had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same quarter in the prior year, the firm earned $2.05 EPS. The business’s revenue for the quarter was up 14.0% compared to the same quarter last year. As a group, analysts expect that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 43.13%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently made changes to their positions in the business. Sivia Capital Partners LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $262,000. EverSource Wealth Advisors LLC grew its stake in Canadian Imperial Bank of Commerce by 12.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock valued at $128,000 after acquiring an additional 193 shares during the period. Brown Advisory Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 2.6% during the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock valued at $445,000 after acquiring an additional 160 shares in the last quarter. Qube Research & Technologies Ltd raised its position in shares of Canadian Imperial Bank of Commerce by 74.6% during the second quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank’s stock worth $23,833,000 after purchasing an additional 143,588 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 7,315.0% in the 2nd quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank’s stock worth $210,000 after purchasing an additional 2,926 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

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.