Canadian Imperial Bank of Commerce (NYSE:CM) Sees Significant Increase in Short Interest

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the target of a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 14,640,000 shares, a growth of 62.3% from the July 31st total of 9,020,000 shares. Approximately 1.6% of the shares of the stock are sold short. Based on an average trading volume of 1,230,000 shares, the days-to-cover ratio is presently 11.9 days.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth $29,000. Glassman Wealth Services boosted its position in shares of Canadian Imperial Bank of Commerce by 57.5% during the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock worth $33,000 after acquiring an additional 253 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 574.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after acquiring an additional 908 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $51,000. Finally, Principal Securities Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $64,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

CM has been the topic of several research reports. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. UBS Group started coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They issued a “neutral” rating for the company. BMO Capital Markets lifted their price objective on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. Finally, Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $67.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $54.52 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market capitalization of $51.42 billion, a price-to-earnings ratio of 11.22, a price-to-earnings-growth ratio of 1.99 and a beta of 1.06. The business has a 50-day moving average of $50.21 and a 200 day moving average of $49.06. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $55.63.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 30th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.07. The company had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.48 billion. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. As a group, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current year.

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.