Canadian Imperial Bank of Commerce (CM) Sees Significant Decline in Short Interest

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw a significant decrease in short interest in the month of June. As of June 30th, there was short interest totalling 11,166,449 shares, a decrease of 44.0% from the June 15th total of 19,929,586 shares. Based on an average trading volume of 2,563,434 shares, the days-to-cover ratio is presently 4.4 days. Approximately 2.6% of the company’s stock are sold short.

Canadian Imperial Bank of Commerce (NYSE CM) opened at 85.03 on Tuesday. Canadian Imperial Bank of Commerce has a one year low of $72.62 and a one year high of $92.22. The company has a market capitalization of $34.15 billion, a P/E ratio of 9.21 and a beta of 1.08. The firm has a 50-day moving average of $79.18 and a 200-day moving average of $83.77.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 28th. Investors of record on Wednesday, June 28th will be issued a dividend of $0.9406 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date of this dividend is Monday, June 26th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 41.18%.

A number of institutional investors have recently made changes to their positions in CM. Eqis Capital Management Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 17.8% in the second quarter. Eqis Capital Management Inc. now owns 3,137 shares of the bank’s stock worth $255,000 after buying an additional 473 shares during the period. Mn Services Vermogensbeheer B.V. bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at about $5,702,000. Chesley Taft & Associates LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at about $640,000. Nexus Investment Management Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 0.3% in the second quarter. Nexus Investment Management Inc. now owns 33,052 shares of the bank’s stock valued at $2,683,000 after buying an additional 109 shares during the last quarter. Finally, Creative Planning boosted its position in shares of Canadian Imperial Bank of Commerce by 31.0% in the second quarter. Creative Planning now owns 4,899 shares of the bank’s stock valued at $397,000 after buying an additional 1,160 shares during the last quarter. Institutional investors own 47.60% of the company’s stock.

A number of analysts recently weighed in on the stock. Credit Suisse Group raised shares of Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research note on Friday, March 31st. BidaskClub raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. Zacks Investment Research lowered shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Tuesday, April 25th. Finally, National Bank Financial reaffirmed an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 18th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $101.63.

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Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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