CIBC Declares Common and Preferred Dividends

Canadian Imperial Bank of Commerceannounced 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.

CM Dividend Chart

CM Dividend data by YCharts

The article CIBC Declares Common and Preferred Dividends originally appeared on Fool.com.

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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