CIBC Announces Dividends and Shareholder Investment Plan Changes
In a recent announcement, CIBC (TSX: CM) (NYSE: CM) declared a dividend of $0.90 per share on common shares for the quarter ending July 31, 2024. The dividend is payable on July 29, 2024, to shareholders of record at the close of business on June 28, 2024. Additionally, the Board of Directors declared dividends per share for various series, including Series 39, Series 41, Series 43, Series 47, and Series 51.
Moreover, CIBC revealed a change to its elections under the CIBC Shareholder Investment Plan. Participants in the Plan can now receive common shares without a discount, as opposed to the previous 2% discount to the Average Market Price. Registered shareholders in Canada or the United States interested in joining the Plan must submit an enrollment form to TSX Trust Company by June 21, 2024, to participate in time for the July 29, 2024, dividend payment date.
Existing participants who wish to receive a cash dividend rather than reinvesting their dividends must provide written notice to TSX Trust Company by June 21, 2024. The Plan offering circular outlining the terms and conditions can be accessed on CIBC’s website or through the agent at www.tsxtrust.com.
CIBC is a prominent North American financial institution with millions of clients across various sectors. For more information about CIBC, visit https://www.cibc.com/en/about-cibc/media-centre.html.
Dividend Declaration and Payment Details
The dividend declaration by CIBC for the quarter ending July 31, 2024, includes a dividend of $0.90 per share on common shares payable on July 29, 2024. Shareholders of record at the close of business on June 28, 2024, will be eligible to receive the dividend. Additionally, dividends per share were declared for different series, such as Series 39, Series 41, Series 43, Series 47, and Series 51, also payable on July 29, 2024.
Changes to Shareholder Investment Plan
Under the CIBC Shareholder Investment Plan, participants can now receive common shares without a discount for dividends instead of the previous 2% discount. Registered shareholders in Canada or the United States looking to join the Plan must submit an enrollment form to TSX Trust Company by June 21, 2024. Existing participants who wish to receive a cash dividend instead of reinvesting their dividends must provide written notice by the same date. Access the Plan offering circular for more details on the terms and conditions.
In conclusion, CIBC’s recent dividend declaration and changes to its Shareholder Investment Plan offer valuable opportunities for shareholders to maximize their investment returns. Stay informed about the latest updates from CIBC to make informed financial decisions.