Canadian Imperial Bank of Commerce (CM) Short Interest Down 44.0% in June

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

A number of equities analysts have issued reports on the company. BidaskClub upgraded Canadian Imperial Bank of Commerce from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Zacks Investment Research upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Canaccord Genuity initiated coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, July 18th. They set a “buy” rating on the stock. Finally, National Bank Financial reiterated an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 18th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average price target of $100.63.

Canadian Imperial Bank of Commerce (NYSE CM) opened at 84.16 on Friday. Canadian Imperial Bank of Commerce has a 52-week low of $72.62 and a 52-week high of $92.22. The firm’s 50 day moving average price is $84.22 and its 200 day moving average price is $84.05. The firm has a market cap of $33.80 billion, a price-to-earnings ratio of 8.80 and a beta of 1.09.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Wednesday, June 28th were paid a $0.9406 dividend. The ex-dividend date was Monday, June 26th. This represents a $3.76 annualized dividend and a dividend yield of 4.47%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 41.18%.

Large investors have recently bought and sold shares of the company. TD Asset Management Inc. raised its stake in Canadian Imperial Bank of Commerce by 3.1% in the second quarter. TD Asset Management Inc. now owns 20,328,408 shares of the bank’s stock valued at $1,649,658,000 after buying an additional 620,661 shares during the period. Vanguard Group Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 16.4% in the second quarter. Vanguard Group Inc. now owns 9,859,474 shares of the bank’s stock worth $800,194,000 after buying an additional 1,391,019 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Canadian Imperial Bank of Commerce by 13.3% in the second quarter. CIBC Asset Management Inc now owns 7,730,504 shares of the bank’s stock worth $627,527,000 after buying an additional 907,963 shares during the last quarter. Beutel Goodman & Co Ltd. raised its stake in shares of Canadian Imperial Bank of Commerce by 4.5% in the first quarter. Beutel Goodman & Co Ltd. now owns 6,725,603 shares of the bank’s stock worth $578,950,000 after buying an additional 289,715 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 7.2% in the second quarter. Acadian Asset Management LLC now owns 6,091,971 shares of the bank’s stock worth $494,364,000 after buying an additional 407,672 shares during the last quarter. Hedge funds and other institutional investors own 48.19% of the company’s stock.

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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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