Stock traders buy large volume of put options on Canadian Imperial Bank of Commerce (NYSE:CM)

The Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) was the recipient of some unusual options trading activity on Monday. Investors purchased 2,435 put options on the company. This is an increase of approximately 241% from the typical daily volume of 715 puts.

Canadian Imperial Bank of Commerce shares down 0.1%

Shares of NYSE:CM traded down $0.05 during Monday’s trading, hitting $48.78. The stock had trading volume of 28,429 shares, compared to an average volume of 985,296. The Canadian Imperial Bank of Commerce has a 1-year low of $39.72 and a 1-year high of 66, $24. The company has a market capitalization of $44.15 billion, a P/E ratio of 8.91, a PEG ratio of 2.65 and a beta of 0.97. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt ratio of 0.14. The company’s 50-day simple moving average is $45.28 and its 200-day simple moving average is $49.53.

The Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last reported quarterly earnings data on Thursday, August 25. The bank reported EPS of $1.45 for the quarter, beating the consensus estimate of $1.40 by $0.05. The company posted revenue of $4.37 billion in the quarter, versus analyst estimates of $4.27 billion. The Canadian Imperial Bank of Commerce posted a net margin of 24.18% and a return on equity of 15.82%. As a group, research analysts expect Canadian Imperial Bank of Commerce to post EPS of 5.61 for the current fiscal year.

The Canadian Imperial Bank of Commerce increases its dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 28. Shareholders of record on Wednesday, September 28 received a dividend of $0.649 per share. This is a positive change from the Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date was Tuesday, September 27. This represents a dividend of $2.60 on an annualized basis and a dividend yield of 5.32%. The dividend payout ratio (DPR) of the Canadian Imperial Bank of Commerce is 46.17%.

Institutional entries and exits

A number of hedge funds and other institutional investors have recently changed their positions in the company. The Toronto Dominion Bank increased its stake in the Canadian Imperial Bank of Commerce by 20.8% in the third quarter. The Toronto Dominion Bank now owns 27,083,647 shares of the bank valued at $1,188,476,000 after purchasing an additional 4,670,453 shares in the last quarter. The Bank of Nova Scotia increased its stake in Canadian Imperial Bank of Commerce shares by 105.7% in the second quarter. The Bank of Nova Scotia now owns 25,278,658 shares of the bank worth $1,227,608,000 after acquiring an additional 12,991,149 shares in the last quarter. TD Asset Management Inc. increased its position in Canadian Imperial Bank of Commerce shares by 98.4% during the second quarter. TD Asset Management Inc. now owns 21,920,894 shares of the bank worth $1,062,270,000 after purchasing an additional 10,869,452 shares in the last quarter. Vanguard Group Inc. increased its holdings in Canadian Imperial Bank of Commerce by 3.5% during the first quarter. Vanguard Group Inc. now owns 14,825,265 shares of the bank valued at $1,804,087,000 after acquiring an additional 495,127 shares during the period. Finally, Cibc World Market Inc. increased its stake in the Canadian Imperial Bank of Commerce by 106.1% during the second quarter. Cibc World Market Inc. now owns 12,595,030 shares of the bank valued at $611,650,000 after acquiring an additional 6,484,743 shares during the period. Hedge funds and other institutional investors hold 44.32% of the company’s shares.

Analysts set new price targets

CM has been the subject of a number of recent research reports. CIBC raised its price target on Canadian Imperial Bank of Commerce shares from C$77.00 to C$79.00 and gave the company an “outperform” rating in a Friday 26 research report. august. StockNews.com launched coverage on Canadian Imperial Bank of Commerce stocks in a Wednesday, October 12 research report. They set a “hold” rating for the company. Desjardins lowered its price target on Canadian Imperial Bank of Commerce shares from C$74.00 to C$73.00 and set a “holding” rating for the company in a Monday, August 29 research report . Finally, National Bank Financial reduced its price target on Canadian Imperial Bank of Commerce shares from C$84.00 to C$83.00 in a report released Tuesday, August 16. Six equity research analysts gave the stock a hold rating and five gave the company a buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $82.58.

About Canadian Imperial Bank of Commerce

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The Canadian Imperial Bank of Commerce, a diversified financial institution, offers a variety of financial products and services to retail, business, public sector and institutional clients in Canada, the United States and abroad. The company operates through four strategic business units: Canadian Personal and Commercial Banking; Commercial banking and wealth management in Canada; WE

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