Investors Purchase Large Volume of Put Options on Canadian Imperial Bank of Commerce (CM)

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was the recipient of unusually large options trading activity on Tuesday. Stock investors purchased 3,118 put options on the stock. This represents an increase of 2,987% compared to the typical volume of 101 put options.

Several equities research analysts have issued reports on CM shares. Canaccord Genuity restated a “buy” rating and set a $121.00 price objective on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, November 30th. Zacks Investment Research raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, December 4th. Scotiabank reaffirmed a “hold” rating and set a $128.00 target price on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, November 22nd. Citigroup cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “neutral” rating and set a $120.00 target price on the stock. in a report on Wednesday, October 25th. Finally, Credit Suisse Group raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $116.00 to $125.00 in a report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $114.00.

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) traded up $0.41 during trading hours on Friday, reaching $98.62. 347,785 shares of the company were exchanged, compared to its average volume of 449,318. The company has a market capitalization of $43,570.00, a PE ratio of 10.96, a price-to-earnings-growth ratio of 4.85 and a beta of 1.12. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.96 and a quick ratio of 0.96. Canadian Imperial Bank of Commerce has a fifty-two week low of $77.20 and a fifty-two week high of $100.01.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 29th. Investors of record on Thursday, December 28th will be paid a $1.011 dividend. The ex-dividend date of this dividend is Wednesday, December 27th. This represents a $4.04 dividend on an annualized basis and a yield of 4.10%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 44.89%.

A number of large investors have recently made changes to their positions in CM. Northwestern Mutual Wealth Management Co. increased its stake in Canadian Imperial Bank of Commerce by 55.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,474 shares of the bank’s stock valued at $120,000 after acquiring an additional 526 shares during the last quarter. INR Advisory Services LLC bought a new position in Canadian Imperial Bank of Commerce in the second quarter valued at approximately $125,000. Quantum Capital Management LLC NJ acquired a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at approximately $134,000. Nationwide Fund Advisors acquired a new stake in Canadian Imperial Bank of Commerce in the second quarter valued at approximately $138,000. Finally, D.A. Davidson & CO. acquired a new stake in Canadian Imperial Bank of Commerce in the second quarter valued at approximately $162,000. 44.37% of the stock is currently owned by institutional investors and hedge funds.

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About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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