Short Interest in Canadian Imperial Bank of Commerce (NYSE:CM) Declines By 44.9%

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM saw a significant drop in short interest in the month of April. As of April 15th, there was short interest totalling 21,190,000 shares, a drop of 44.9% from the March 31st total of 38,490,000 shares. Approximately 2.4% of the company's shares are sold short. Based on an average daily volume of 1,130,000 shares, the short-interest ratio is presently 18.8 days.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. StockNews.com lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Wednesday. Finally, Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of "Hold" and a consensus target price of $92.00.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its stake in shares of Canadian Imperial Bank of Commerce by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock worth $359,320,000 after acquiring an additional 334,545 shares during the period. Rhumbline Advisers lifted its position in shares of 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 purchasing an additional 404 shares during the period. American Century Companies Inc. boosted its stake in shares of 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 purchasing an additional 23,403 shares during the last quarter. Capital International Investors acquired a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $424,386,000. Finally, Smith Group Asset Management LLC bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth $4,875,000. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded up $0.63 during midday trading on Friday, reaching $63.70. 510,259 shares of the stock were exchanged, compared to its average volume of 1,133,510. Canadian Imperial Bank of Commerce has a 52 week low of $46.99 and a 52 week high of $67.45. 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 stock has a market capitalization of $59.89 billion, a PE ratio of 11.91, a P/E/G ratio of 1.62 and a beta of 0.98. The company has a fifty day moving average price of $58.11 and a 200 day moving average price of $61.60.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Friday, March 28th were issued a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend was Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is presently 48.03%.

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.