Canadian Imperial Bank of Commerce announced today its third-quarter dividend of $0.96 per share, the same rate it paid last quarter after raising the payout 2%, from $0.94 per share
The board of directors said the quarterly dividend is payable on Oct. 28 to the holders of record at the close of business on Sept. 27. CIBC has paid a dividend every quarter since 1997, and has increased it almost every year since. Only during the global financial crisis did the dividend remain steady at $0.87 per share. It resumed increasing the payout in 2011.
The board also declared the dividends for the following series of preferred stock:
- Series 26-$0.359375
- Series 27-$0.350000
- Series 29-$0.337500
- Series 33-$0.334375
- Series 35-$0.406250
- Series 37-$0.406250
The preferred dividends are also payable on Oct. 28 to shareholders of record at the close of business on Sept. 27.
The regular dividend payment equates to a $3.84-per-share annual dividend, yielding 4.9% based on the closing price today of CIBC's stock.
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