Dividend Increase – Canadian Imperial Bank of Commerce (CM)


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
Dividend All-Star List

Since I own 140 shares of CIBC, this
will increase my portfolio’s projected annual net dividend income by

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 /

Click here
to see my portfolio holdings.

You can follow the development of my
dividends here.

Full Disclosure: Long CM

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