Canadian Imperial Bank of Commerce (NYSE:CM) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• CIBC shares rose 1.5% to $112.50, while trading volume surged 221% to 4.13 million shares.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and a $167 price target; recent ratings included upgrades and downgrades between buy and hold.
• CIBC exceeded quarterly earnings and revenue estimates, reporting $1.96 EPS and $5.97 billion in revenue, and declared a quarterly dividend of C$1.07, equivalent to a 3.8% annualized yield.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM shares saw strong trading volume on Friday. 4,129,064 shares were traded during trading, an increase of 221% from the previous session's volume of 1,286,204 shares. The stock last traded at $112.4960 and had previously closed at $111.42.

Analyst Ratings Changes

Several analysts recently commented on the company. Scotiabank restated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Desjardins cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Weiss Ratings raised Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 27th. TD Securities reaffirmed a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Trading Up 1.5%

The stock has a market capitalization of $103.21 billion, a P/E ratio of 15.10, a price-to-earnings-growth ratio of 1.13 and a beta of 1.01. The business has a 50 day simple moving average of $117.06 and a 200-day simple moving average of $111.20. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%.The company had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.74 billion. On average, analysts predict that Canadian Imperial Bank of Commerce will post 7.61 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be issued a C$1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Monday, September 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 41.39%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Large investors have recently made changes to their positions in the business. Bell Investment Advisors Inc acquired a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $36,000. Security National Bank of SO Dak bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at $42,000. Global Assets Advisory LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the first quarter valued at $54,000. SHP Wealth Management acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $108,000. Finally, Manchester Capital Management LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 92.6% during the 4th quarter. Manchester Capital Management LLC now owns 1,256 shares of the bank's stock worth $114,000 after acquiring an additional 604 shares in the last quarter. Institutional investors own 49.88% of the company's stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and government clients.

CIBC's principal activities include personal and commercial banking, wealth management, investment banking and capital markets services. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment advice, brokerage services, asset management, and corporate finance and advisory services.

The bank serves clients primarily in Canada and the United States through its Canadian banking operations, U.S.

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