Canadian Imperial Bank of Commerce (CM.TO) reported a higher-than-expected quarterly profit and raised its dividend for the first time in four years, driving its shares up more than 4 percent on Wednesday. The dividend hike of 3.4 percent is the first by a Canadian bank this quarter, although four of CIBC's large rivals have boosted payouts in the wake of the 2008 financial crisis, which had put a temporary moratorium on dividend hikes. "The increase itself was fairly nominal," said Craig Fehr, a St. Louis-based analyst at Edward Jones. "I think it was more a sign to the marketplace that management feels comfortable that their capital is in a position where they can now start looking to deploy it as opposed to accumulate it."
Shares of CM traded higher by 3.84% or $2.87/share to $77.57. In the past year, the shares have traded as low as $67.39 and as high as $88.76. On average, 324226 shares of CM exchange hands on a given day and today's volume is recorded at 224187.
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