The board of directors said the quarterly dividend is payable on July 29 to the holders of record at the close of business on June 28. 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 July 29 to shareholders of record at the close of business on June 28.
The regular dividend payment equates to a $3.84-per-share annual dividend, yielding 4.9% based on the closing price of CIBC's stock on May 29.