Thursday, November 30th the Board of Directors of Canadian Imperial Bank of Commerce (CM) announced a quarterly dividend increase of from C$0.87 to C$0.90 per share that’s payable January 29, 2024 to holders of record December 28, 2023. This represents a 3.45% increase over the last quarterly dividend.
With current price C$55.80 (today's open), this raise brings their dividend yield to 6.45%.
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 $9.23.
Canadian Imperial Bank of Commerce last raised its dividend in May 2023, so it looks like the dividend will rise again twice a year. If that's going to happen, then I'm relative fine with this increase.
This is the 8th 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 $0.90, or 32.4%
This increase raises my YOC to 7.80%.
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
Thanks for stopping by!
No comments:
Post a Comment