Canadian Imperial Bank of Commerce (NYSE:CM) Sees Large Decline in Short Interest

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the target of a large decrease in short interest in January. As of January 31st, there was short interest totalling 6,190,000 shares, a decrease of 8.3% from the January 15th total of 6,750,000 shares. Based on an average trading volume of 434,800 shares, the short-interest ratio is presently 14.2 days. Approximately 1.4% of the shares of the company are short sold.

Several research firms recently issued reports on CM. Citigroup lowered Canadian Imperial Bank of Commerce from a “buy” rating to a “neutral” rating in a research report on Tuesday, December 17th. Credit Suisse Group dropped their price target on Canadian Imperial Bank of Commerce from $105.00 to $104.00 and set a “neutral” rating on the stock in a research report on Friday, December 6th. Canaccord Genuity dropped their price target on Canadian Imperial Bank of Commerce from $112.50 to $108.00 and set a “hold” rating on the stock in a research report on Friday, December 6th. Zacks Investment Research raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, February 7th. Finally, CIBC upgraded Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research note on Tuesday, February 4th. Fourteen investment analysts have rated the stock with a hold rating, Canadian Imperial Bank of Commerce has an average rating of “Hold” and a consensus target price of $113.67.

A number of institutional investors and hedge funds have recently modified their holdings of CM. Guardian Capital LP grew its stake in Canadian Imperial Bank of Commerce by 118.7% during the 4th quarter. Guardian Capital LP now owns 1,681,672 shares of the bank’s stock worth $140,136,000 after buying an additional 912,661 shares during the last quarter. Alberta Investment Management Corp grew its stake in shares of Canadian Imperial Bank of Commerce by 63.7% in the third quarter. Alberta Investment Management Corp now owns 1,771,200 shares of the bank’s stock worth $146,231,000 after purchasing an additional 689,000 shares in the last quarter. Value Partner Investments Inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $52,446,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Canadian Imperial Bank of Commerce by 53.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,466,292 shares of the bank’s stock worth $122,188,000 after purchasing an additional 508,610 shares in the last quarter. Finally, Hexavest Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 338.0% in the fourth quarter. Hexavest Inc. now owns 631,725 shares of the bank’s stock worth $52,643,000 after purchasing an additional 487,488 shares in the last quarter. Hedge funds and other institutional investors own 44.50% of the company’s stock.

CM traded down $0.34 during trading on Friday, reaching $83.09. 204,160 shares of the company were exchanged. The firm has a 50 day moving average of $82.74 and a 200 day moving average of $82.18. Canadian Imperial Bank of Commerce has a 52 week low of $73.20 and a 52 week high of $87.62.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, December 5th. The bank reported $2.84 EPS for the quarter, topping the Zacks’ consensus estimate of $2.32 by $0.52. The company had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.76 billion. Canadian Imperial Bank of Commerce’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.00 earnings per share. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 9.07 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 27th were paid a dividend of $1.0908 per share. The ex-dividend date of this dividend was Thursday, December 26th. This represents a $4.36 dividend on an annualized basis and a yield of 5.25%.

About Canadian Imperial Bank of Commerce

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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