Canadian Imperial Bank of Commerce (NYSE:CM) Sees Strong Trading Volume – Time to Buy?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) shares saw strong trading volume on Wednesday . 5,997,752 shares were traded during trading, an increase of 456% from the previous session’s volume of 1,078,294 shares.The stock last traded at $58.39 and had previously closed at $58.00.

Analyst Ratings Changes

A number of brokerages recently weighed in on CM. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

The company has a market cap of $54.69 billion, a PE ratio of 10.88, a PEG ratio of 1.62 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm’s 50 day moving average is $60.35 and its 200-day moving average is $62.13.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be issued a $0.6723 dividend. This represents a $2.69 annualized dividend and a yield of 4.62%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce’s payout ratio is currently 48.03%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Public Sector Pension Investment Board increased its position in Canadian Imperial Bank of Commerce by 32.0% during the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after purchasing an additional 900,575 shares during the last quarter. FMR LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 3.3% in the 3rd quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock valued at $129,239,000 after buying an additional 67,480 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock worth $359,320,000 after buying an additional 334,545 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at approximately $10,045,000. Finally, Rhumbline Advisers lifted its holdings in Canadian Imperial Bank of Commerce by 12.6% in the fourth quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock valued at $229,000 after acquiring an additional 404 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

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.