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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the target of a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 35,370,000 shares, a growth of 109.8% from the February 28th total of 16,860,000 shares. Based on an average daily trading volume, of 982,900 shares, the short-interest ratio is presently 36.0 days. Currently, 4.0% of the shares of the company are sold short.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded down $1.13 during trading on Friday, reaching $56.16. 1,310,798 shares of the company traded hands, compared to its average volume of 1,146,790. The stock has a market cap of $52.79 billion, a P/E ratio of 10.50, a PEG ratio of 1.62 and a beta of 1.07. The firm’s fifty day simple moving average is $60.03 and its 200 day simple moving average is $62.05. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $46.50 and a 12-month high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a dividend yield of 4.79%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 48.03%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several large investors have recently made changes to their positions in CM. Public Sector Pension Investment Board raised its holdings in Canadian Imperial Bank of Commerce by 32.0% in the 3rd 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 period. FMR LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 3.3% during the 3rd quarter. FMR LLC now owns 2,106,913 shares of the bank’s stock worth $129,239,000 after buying an additional 67,480 shares during the period. JPMorgan Chase & Co. lifted its position 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 valued at $359,320,000 after buying an additional 334,545 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter valued at $10,045,000. Finally, Rhumbline Advisers increased its holdings in Canadian Imperial Bank of Commerce by 12.6% in the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock worth $229,000 after acquiring an additional 404 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.