Canadian Imperial Bank raises quarterly dividend by ~10%; shares buyback

• Canadian Imperial Bank (NYSE:CM) declares CAD 1.61/share quarterly dividend, 10.3% increase from prior dividend of CAD 1.46.
• Forward yield 4.56%
• Payable Jan. 28; for shareholders of record Dec. 29; ex-div Dec. 28.
• See CM's dividend grades vs. peers TD, RY, BNS and BMO:
• The company also announced today that, subject to the approval of the Toronto Stock Exchange ("TSX"), it intends to launch a Normal Course Issuer Bid ("NCIB") permitting the purchase for cancellation of up to 10 million of its common shares, representing approximately 2.2% of CM's issued and outstanding common shares as at October 31, 2021.
• CIBC's previous normal course issuer bid for the purchase of up to 9M common shares commenced on June 4, 2019 and expired on June 3, 2020.
• Over the term of the previous bid, CIBC purchased 3.2M of its common shares for cancellation at an average price of $106.97 per share.
• Now read: Royal Bank of Canada to repurchase 45M shares, boosts dividend by 11%;
• Bank of Nova Scotia stock gains after Q4 earnings beat, dividend hike.
• See CM Dividend Scorecard, Yield Chart, & Dividend Growth.