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

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM shares saw an uptick in trading volume on Tuesday . Approximately 3,118,473 shares traded hands during trading, an increase of 129% from the previous session's volume of 1,360,364 shares.The stock last traded at $64.39 and had previously closed at $64.28.

Analyst Ratings Changes

A number of research firms recently weighed in on CM. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Friday, December 6th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $97.00 price target (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a report on Friday, December 6th. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 30th. BMO Capital Markets upped their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an "outperform" rating in a research report on Friday, August 30th. Finally, Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $89.00.

Canadian Imperial Bank of Commerce Trading Up 0.1 %

The company has a market cap of $60.80 billion, a P/E ratio of 12.03, a P/E/G ratio of 1.78 and a beta of 1.06. The business has a fifty day simple moving average of $64.23 and a 200 day simple moving average of $57.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be paid a $0.6912 dividend. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.65. This represents a $2.76 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date is Friday, December 27th. Canadian Imperial Bank of Commerce's payout ratio is presently 53.46%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently modified their holdings of CM. Toronto Dominion Bank increased its position in Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank's stock valued at $1,233,272,000 after acquiring an additional 3,942,894 shares during the period. National Bank of Canada FI increased its holdings in shares of Canadian Imperial Bank of Commerce by 26.8% during the second quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank's stock valued at $867,377,000 after purchasing an additional 3,875,280 shares during the period. Cibc World Market Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 18.9% during the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank's stock valued at $938,834,000 after purchasing an additional 3,143,734 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Canadian Imperial Bank of Commerce by 61.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank's stock valued at $334,321,000 after purchasing an additional 2,681,428 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Canadian Imperial Bank of Commerce by 14.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank's stock worth $652,676,000 after purchasing an additional 1,305,665 shares during the period. Institutional investors and hedge funds own 49.88% of the company's stock.

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.