Canadian Imperial Bank of Commerce (NYSE:CM) Short Interest Down 44.9% in April

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM was the target of a significant drop in short interest during 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. Based on an average daily trading volume, of 1,130,000 shares, the days-to-cover ratio is currently 18.8 days. Currently, 2.4% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of research firms have issued reports on CM. Royal Bank of Canada raised 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 report on Wednesday, January 8th. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. Finally, StockNews.com downgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $61.91 on Tuesday. 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 business has a fifty day moving average price of $57.94 and a 200-day moving average price of $61.57. The firm has a market capitalization of $58.20 billion, a P/E ratio of 11.57, a PEG ratio of 1.62 and a beta of 0.98. Canadian Imperial Bank of Commerce has a one year low of $46.50 and a one year high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Investors of record on Friday, March 28th were given a $0.6723 dividend. This represents a $2.69 annualized dividend and a dividend yield of 4.34%. The ex-dividend date was Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 48.03%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CM. Crews Bank & Trust bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $25,000. Operose Advisors LLC bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $26,000. SBI Securities Co. Ltd. bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $30,000. Sandy Spring Bank bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $32,000. Finally, IFP Advisors Inc grew its position in Canadian Imperial Bank of Commerce by 318.1% during the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock valued at $34,000 after acquiring an additional 404 shares during the last quarter. 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.

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