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

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) saw strong trading volume on Wednesday . 5,997,752 shares were traded during mid-day 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.

Wall Street Analysts Forecast Growth

Several research analysts have 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 boosted their target price for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Trading Down 2.0 %

The stock’s 50-day moving average price is $60.15 and its 200 day moving average price is $62.07. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $52.79 billion, a PE ratio of 10.50, a price-to-earnings-growth ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CM. Wellington Management Group LLP lifted its position in shares of Canadian Imperial Bank of Commerce by 21.4% in the 4th quarter. Wellington Management Group LLP now owns 210,127 shares of the bank’s stock worth $13,285,000 after purchasing an additional 37,015 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Canadian Imperial Bank of Commerce by 4.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock valued at $255,000 after buying an additional 194 shares during the period. Mackenzie Financial Corp raised its stake in Canadian Imperial Bank of Commerce by 41.1% in the fourth quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank’s stock worth $431,952,000 after buying an additional 1,990,520 shares in the last quarter. Forum Financial Management LP lifted its holdings in Canadian Imperial Bank of Commerce by 22.7% during the fourth quarter. Forum Financial Management LP now owns 6,499 shares of the bank’s stock worth $411,000 after buying an additional 1,203 shares during the period. Finally, Vise Technologies Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 30.0% during the fourth quarter. Vise Technologies Inc. now owns 19,805 shares of the bank’s stock worth $1,252,000 after buying an additional 4,566 shares during the period. 49.88% of the stock is currently owned by institutional investors.

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.