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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw strong trading volume on Tuesday . 3,118,473 shares were traded during trading, an increase of 129% from the previous session’s volume of 1,360,364 shares.The stock last traded at $64.39 and had previously closed at $64.28.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets lifted their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, December 6th. Royal Bank of Canada reiterated a “sector perform” rating and set a $97.00 target price (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a report on Friday, December 6th. Finally, Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $89.00.

Canadian Imperial Bank of Commerce Stock Up 0.2 %

The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $60.85 billion, a PE ratio of 12.04, a P/E/G ratio of 1.78 and a beta of 1.06. The firm has a 50 day simple moving average of $64.23 and a two-hundred day simple moving average of $57.44.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be given a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.29%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Friday, December 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 53.46%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several large investors have recently added to or reduced their stakes in the business. Ridgewood Investments LLC acquired a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $29,000. BNP Paribas Financial Markets bought a new position in Canadian Imperial Bank of Commerce during the third quarter valued at about $44,000. Blue Trust Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after purchasing an additional 623 shares during the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at $51,000. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in shares of Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after purchasing an additional 171 shares during 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, 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.