National Bank of Canada Boosts Dividend by 3.9%, Sets Stock Buyback
By Colin Kellaher
National Bank of Canada's board has raised the quarterly dividend by 3.9%, to 1.06 Canadian cents (US$0.78) from C$1.02, and approved the repurchase of up to seven million shares.
The Montreal banking and financial-services company, which sports a market capitalization topping C$30 billion, on Friday said the buyback represents roughly 2.07% of its nearly 338.3 million shares outstanding.
The new quarterly payout, equal to C$4.24 a year, represents an annual yield of about 4.72% based on Thursday's closing price of C$89.92, up from 4.54%.
National Bank said the increased dividend is payable Feb. 1 to shareholders of record Dec. 25.
National Bank joins fellow Canadian banking giants Toronto-Dominion, Royal Bank of Canada, Bank of Montreal and Canadian Imperial Bank of Commerce in raising their dividends this week.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 01, 2023 07:01 ET (12:01 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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