Topic: How To Invest

Dividend Advisor Hotline – Friday, April 7, 2017

Article Excerpt

PLEASE NOTE: Due to the Good Friday holiday, our next Hotline will go out on Thursday, April 13, 2017. CANADIAN IMPERIAL BANK OF COMMERCE, $115.59, Toronto symbol CM, is Canada’s fifth-largest bank, with total assets of $501.4 billion. The bank recently raised its quarterly dividend by 2.4%, to $1.27 a share from $1.24. The new annual rate of $5.08 yields a high 4.4%. CIBC has now increased its takeover offer for Chicago-based PrivateBancorp Inc. (Nasdaq symbol PVTB). PrivateBancorp mainly lends to small and mid-sized businesses. It also provides wealth-management services. In addition to Chicago, it operates in 11 other U.S. markets. In June 2016, CIBC originally offered to pay $3.8 billion U.S. (40% in cash and 60% in stock). However, PrivateBancorp stock has jumped 70% since the deal was announced and its shares now trade above that bid. In late March, the bank increased its offer to $4.9 billion U.S. (still 40% in cash and 60% in stock). The new bid is equal to 14%…