Canadian Imperial Bank of Commerce (NYSE:CM) Sees Large Volume Increase - Time to Buy?

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM shares saw unusually-strong trading volume on Wednesday . Approximately 4,421,544 shares traded hands during mid-day trading, an increase of 296% from the previous session's volume of 1,116,430 shares.The stock last traded at $70.30 and had previously closed at $70.25.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CM shares. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th. Royal Bank Of Canada lifted their target price on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Finally, Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

The company has a market cap of $66.34 billion, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 1.52 and a beta of 1.05. The stock has a 50 day moving average price of $66.00 and a two-hundred day moving average price of $62.52. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.10. The firm had revenue of $5.09 billion for the quarter, compared to analysts' expectations of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The company's quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.75 EPS. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Shareholders of record on Friday, June 27th will be paid a $0.7024 dividend. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.81 annualized dividend and a yield of 3.98%. Canadian Imperial Bank of Commerce's payout ratio is 47.10%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Hudson Value Partners LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth $708,000. 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 valued at $229,000 after buying an additional 404 shares during the period. American Century Companies Inc. increased its holdings in Canadian Imperial Bank of Commerce by 8.5% in the 4th quarter. American Century Companies Inc. now owns 299,211 shares of the bank's stock valued at $18,927,000 after buying an additional 23,403 shares during the period. Capital International Investors acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $424,386,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of Canadian Imperial Bank of Commerce by 41.1% during the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after acquiring an additional 1,990,520 shares during the period. 49.88% of the stock is owned by institutional investors.

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.