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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.