CIBC Raises Common Dividend and Declares Preferred Payout

Canadian Imperial Bank of Commerce  (NYSE: CM  )  announced this morning its second-quarter dividend of $0.96 per share, a 2% increase over the $0.94-per-share payout it made last quarter.

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.

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