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

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw unusually-strong trading volume on Friday . Approximately 3,766,502 shares were traded during mid-day trading, an increase of 233% from the previous session’s volume of 1,132,236 shares.The stock last traded at $92.6940 and had previously closed at $92.55.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CM. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Finally, Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating for the company. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. The business’s fifty day moving average price is $86.94 and its 200-day moving average price is $79.23. The stock has a market capitalization of $86.36 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 1.27 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The company’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.91 EPS. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Monday, December 29th will be given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Monday, December 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s payout ratio is currently 46.31%.

Institutional Trading of Canadian Imperial Bank of Commerce

Several institutional investors and hedge funds have recently made changes to their positions in the company. Canerector Inc. grew its holdings 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 acquiring an additional 22,042,000 shares in the last quarter. Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth about $730,245,000. Goldman Sachs Group Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 405.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock worth $292,032,000 after buying an additional 4,160,938 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Canadian Imperial Bank of Commerce by 130.2% during the second quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock valued at $519,312,000 after buying an additional 4,160,060 shares during the period. Finally, Public Sector Pension Investment Board increased its holdings in Canadian Imperial Bank of Commerce by 51.8% during the second quarter. Public Sector Pension Investment Board now owns 7,106,008 shares of the bank’s stock worth $503,383,000 after buying an additional 2,425,000 shares during the last quarter. Hedge funds and other 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.