Mitsubishi UFJ Trust & Banking Corp Increases Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Mitsubishi UFJ Trust & Banking Corp raised its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 571,664 shares of the bank’s stock after buying an additional 18,100 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.06% of Canadian Imperial Bank of Commerce worth $36,223,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Crews Bank & Trust acquired a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth $25,000. SBI Securities Co. Ltd. purchased a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $30,000. Sandy Spring Bank acquired a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $32,000. IFP Advisors Inc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% in the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after acquiring an additional 404 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $44,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CM shares. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, February 14th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $58.12 on Thursday. Canadian Imperial Bank of Commerce has a 1 year low of $46.50 and a 1 year high of $67.45. The stock has a 50-day simple moving average of $60.26 and a 200-day simple moving average of $62.10. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $54.63 billion, a PE ratio of 10.86, a PEG ratio of 1.62 and a beta of 1.07.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be issued a $0.6723 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.63%. Canadian Imperial Bank of Commerce’s payout ratio is 48.03%.

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.