Canadian Imperial Bank Of Commerce Reveals Intention To Purchase For Cancellation Up To 20M Common Shares Under Normal Course Issuer Bid
Portfolio Pulse from Benzinga Newsdesk
Canadian Imperial Bank Of Commerce (CM) plans to purchase and cancel up to 20 million common shares, representing about 2.1% of its outstanding shares as of July 31, 2024, under a normal course issuer bid.
August 29, 2024 | 10:00 am
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Canadian Imperial Bank Of Commerce (CM) plans to repurchase and cancel up to 20 million common shares, which is approximately 2.1% of its outstanding shares. This move is part of a normal course issuer bid.
The repurchase and cancellation of shares typically reduce the number of shares outstanding, which can increase earnings per share and potentially boost the stock price. This action indicates confidence in the company's financial health.
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