Canadian Imperial Bank of Commerce (NYSE:CM) Short Interest Down 44.9% in April

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw a significant drop in short interest in the month of April. As of April 15th, there was short interest totalling 21,190,000 shares, a drop of 44.9% from the March 31st total of 38,490,000 shares. Currently, 2.4% of the company’s shares are sold short. Based on an average trading volume of 1,130,000 shares, the days-to-cover ratio is currently 18.8 days.

Institutional Trading of Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently modified their holdings of the company. Crews Bank & Trust bought a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $25,000. Operose Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $26,000. SBI Securities Co. Ltd. bought a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $30,000. Sandy Spring Bank bought a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $32,000. Finally, IFP Advisors Inc raised its position in shares of Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock valued at $34,000 after purchasing an additional 404 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on CM shares. Jefferies Financial Group lowered Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Monday, April 21st. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Tuesday, April 22nd. Finally, Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Hold” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Trading Up 1.3 %

Shares of CM stock opened at $61.91 on Tuesday. Canadian Imperial Bank of Commerce has a 12-month low of $46.50 and a 12-month high of $67.45. 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 firm’s 50 day moving average is $57.94 and its 200 day moving average is $61.57. The stock has a market capitalization of $58.20 billion, a P/E ratio of 11.57, a P/E/G ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, March 28th were given a dividend of $0.6723 per share. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.34%. Canadian Imperial Bank of Commerce’s payout ratio is 48.03%.

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.