Thursday, December 5th the Board of Directors of Canadian Imperial Bank of Commerce (CM) announced a quarterly dividend increase of from C$0.90 to C$0.97 per share that’s payable January 28, 2025 to holders of record December 27, 2024. This represents a 7.78% increase over the last quarterly dividend.
With current price C$93.86 (yesterday's close), this raise brings their dividend yield to 4.13%.
CIBC is a member of Canadian Dividend All Star List with a 14 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 5.3, 6.1, 5.3 and 6.2 (Canadian Dividend All-Star List)
Since I own 140 shares of CIBC, this will increase my portfolio's projected annual net dividend income by $20.83.
This increase was a pleasant surprise, as I was expecting an increase of around 5%.
This is the 9th dividend increase I received from CM since initiating a position December 2018. During this period, the quarterly dividend has increased moderately from C$0.68 to C$0.97, or 42.7%
This increase raises my Yield on Cost to 8.41%.
Summary of 2024 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long CM
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