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

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM shares saw unusually-strong trading volume on Wednesday . Approximately 5,997,752 shares traded hands during trading, an increase of 456% from the previous session's volume of 1,078,294 shares.The stock last traded at $58.39 and had previously closed at $58.00.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CM shares. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Friday, February 14th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $52.79 billion, a price-to-earnings ratio of 10.50, a P/E/G ratio of 1.62 and a beta of 1.07. The company has a fifty day moving average price of $60.03 and a two-hundred day moving average price of $62.05.

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Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be given a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.79%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is currently 48.03%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Crews Bank & Trust acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $25,000. Operose Advisors LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $26,000. SBI Securities Co. Ltd. acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $30,000. Sandy Spring Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $32,000. Finally, IFP Advisors Inc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% during the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after purchasing an additional 404 shares during the period. 49.88% of the stock is owned by hedge funds and other 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.