Thursday, February 22, 2018

Dividend Increase – Magna International Inc. (MGA)

Today, February 22 the Board of Directors of Magna International Inc. announced a quarterly dividend increase of from $ 0.275 to $ 0.33 per share that’s payable March 23, 2018 to holders of record March 9, 2018. This represents a 20.0 % increase to regular quarterly dividends. With current price $ 55.29 (yesterday's close), this raise brings their dividend yield to 2.39 %.

“Our strong earnings growth and cash flow have enabled us to return significant amounts of capital to shareholders. Our 20% dividend increase, the ninth consecutive annual dividend increase, reflects the confidence that both management and our Board have in Magna’s future.”
- Vince Galifi, Magna’s Chief Financial Officer

Since I own 50 shares of MGA, this will increase my portfolio's projected annual net dividend income by $ 8.20.

That increase rises my YOC to 3.43 %.

Click here to see my portfolio holdings.

You can follow the development of my dividends here.

Full Disclosure: Long MGA

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