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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) shares saw unusually-strong trading volume on Friday. Approximately 4,129,064 shares changed hands during mid-day trading, an increase of 221% from the previous session’s volume of 1,286,204 shares. The stock last traded at $112.4960 and had previously closed at $111.42.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CM. Royal Bank Of Canada restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 28th. TD Securities reissued a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They issued a “market perform” rating for the company. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. Finally, Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Trading Up 1.5%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The company has a 50 day simple moving average of $117.06 and a two-hundred day simple moving average of $111.20. The company has a market cap of $103.21 billion, a PE ratio of 15.10, a PEG ratio of 1.13 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.16. The business had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.74 billion. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 7.61 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be given a C$1.07 dividend. The ex-dividend date is Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a yield of 3.8%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 41.39%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors and hedge funds have recently modified their holdings of CM. West Family Investments Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 4.1% in the second quarter. West Family Investments Inc. now owns 2,724 shares of the bank’s stock valued at $313,000 after buying an additional 107 shares during the period. Integrated Wealth Concepts LLC increased its stake in Canadian Imperial Bank of Commerce by 0.8% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 14,479 shares of the bank’s stock worth $1,665,000 after acquiring an additional 110 shares during the period. Sequoia Financial Advisors LLC raised its holdings in Canadian Imperial Bank of Commerce by 1.1% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 10,192 shares of the bank’s stock valued at $1,172,000 after acquiring an additional 113 shares in the last quarter. Sivia Capital Partners LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 3.1% during the 4th quarter. Sivia Capital Partners LLC now owns 3,832 shares of the bank’s stock valued at $347,000 after acquiring an additional 116 shares during the period. Finally, Greenspring Advisors LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 5.6% during the 2nd quarter. Greenspring Advisors LLC now owns 2,445 shares of the bank’s stock worth $281,000 after purchasing an additional 129 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and government clients.

CIBC’s principal activities include personal and commercial banking, wealth management, investment banking and capital markets services. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment advice, brokerage services, asset management, and corporate finance and advisory services.

The bank serves clients primarily in Canada and the United States through its Canadian banking operations, U.S.