Thursday, May 25th the Board of Directors of Canadian Imperial Bank of Commerce (CM) announced a quarterly dividend increase of from C$0.85 to C$0.87 per share that’s payable July 28, 2023 to holders of record June 28, 2023. This represents a 2.35% increase over the last quarterly dividend.
With current price C$57.54 (yesterday's close), this raise brings their dividend yield to 6.05%.
CIBC is a member of Canadian Dividend All Star List with a 13 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 10.7, 5.3, 5.2 and 6.1 (Canadian Dividend All-Star List)
Since I own 140 shares of CIBC, this will increase my portfolio's projected annual net dividend income by $6.12.
Canadian Imperial Bank of Commerce last raised its dividend in December 2022, so it looks like the pre-pandemic era is back and the dividend will probably rise again twice a year. If that's going to happen, then I'm relative fine with this increase.
This is the 7th dividend increase I received from CM since initiating a position December 2018. During this period, the quarterly dividend has increased moderately from $0.68 to $0.87, or 27.9%
This increase raises my YOC to 7.54%.
Summary of 2023 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long CM
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Thanks for the update Hawk. As always. //Northernlights
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