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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 450,834,323
Close 2021-11-24 C$ 148.96
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Globe says Big Six banks set to resume share buybacks

2021-11-25 07:49 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Thursday edition that with the country's biggest banks releasing their fourth-quarter results beginning Nov. 30, the market's attention is mainly on dividend increases, which have not been allowed since March, 2020. The Globe's James Bradshaw writes that some banks may revert to typical repurchase plans that target 1 per cent to 2 per cent of outstanding shares, and others might buy back as much as 4 per cent. BMO is expected to announce one of the larger buyback plans, while Scotiabank, TD and RBC could all buy back shares more aggressively if they choose to. "We believe investors should focus on buybacks in particular and think that market expectations remain very modest in this regard," said Meny Grauman, analyst at Scotia Capital. More broadly, banks are expected to report good financial results to cap off a year of outsized profits magnified by the contrast against pandemic lows in 2020. Earnings per share could fall 4 to 6 per cent when compared with elevated levels in the fiscal third quarter, but that would still be up 29 per cent year-over-year. Scotiabank is first to report on Nov. 30, followed by RBC and National Bank on Dec. 1, TD and CIBC on Dec. 2, and BMO on Dec. 3.

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