CANADIAN IMPERIAL BANK OF COMMERCE By Colin Kellaher
Canadian Imperial Bank of Commerce on Thursday said it raised its quarterly dividend by 10.3%, to C$1.61 (US$1.26) from C$1.46, and unveiled plans to buy back up to 10 million shares.
The Toronto banking and wealth-management giant, which sports a market capitalization of around C$64 billion, said the buyback represents about 2.2% of its shares outstanding.
The new quarterly payout, equal to C$6.44 a year, represents an annual yield of about 4.56% based on Wednesday's closing price of C$141.26, up from about 4.13%.
CIBC said the increased dividend is payable Jan. 28, 2022, to shareholders of record Dec. 31.
Fellow Canadian banks Royal Bank of Canada and National Bank of Canada on Wednesday said they also were raising their dividends and buying back stock.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
12-02-21 0631ET
