Sumitomo Mitsui Trust Holdings Inc. Has $108.50 Million Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Sumitomo Mitsui Trust Holdings Inc. grew its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,138,857 shares of the bank’s stock after purchasing an additional 15,549 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.23% of Canadian Imperial Bank of Commerce worth $108,499,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 35,237,455 shares of the bank’s stock valued at $1,696,331,000 after purchasing an additional 1,395,600 shares during the period. Bank of Nova Scotia lifted its stake in shares of Canadian Imperial Bank of Commerce by 8.1% in the 4th quarter. Bank of Nova Scotia now owns 24,915,095 shares of the bank’s stock valued at $1,199,627,000 after purchasing an additional 1,872,709 shares during the period. TD Asset Management Inc lifted its stake in shares of Canadian Imperial Bank of Commerce by 13.8% in the 4th quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock valued at $1,091,089,000 after purchasing an additional 2,730,076 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Canadian Imperial Bank of Commerce by 12.8% in the 4th quarter. CIBC Asset Management Inc now owns 11,601,044 shares of the bank’s stock valued at $560,365,000 after purchasing an additional 1,313,996 shares during the period. Finally, Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $404,008,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

CM has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Thursday, June 20th. UBS Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday. They issued a “neutral” rating for the company. Barclays initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They issued an “underweight” rating for the company. Finally, BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $67.00.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $48.43 on Thursday. The stock has a 50-day moving average price of $48.36 and a two-hundred day moving average price of $47.85. The stock has a market cap of $45.67 billion, a PE ratio of 9.97, a price-to-earnings-growth ratio of 1.87 and a beta of 1.06. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $51.14.

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 firm had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. Equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be paid a $0.653 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.61 annualized dividend and a yield of 5.39%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 53.70%.

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.