CIBC Shares Plummet 4.2% Amid Trading Volume Decline

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) declined by 4.2% on Thursday, hitting a low of $112.64 and closing at $113.23.

The stock's trading volume was significantly lower than usual, with only 388,704 shares changing hands compared to the average daily volume of 1,285,126.

Several analysts have recently weighed in on CIBC, with Royal Bank Of Canada increasing its price target to $167.00 and giving the bank an 'outperform' rating.

The company's quarterly earnings report exceeded analyst estimates, with a net margin of 15.84% and a return on equity of 16.31%, prompting predictions that CIBC will post 7.41 earnings per share for the current year.