Thursday, March 16th the Board of Directors Power Corporation of Canada (TSE:POW) announced a quarterly dividend increase of from C$0.495 to C$0.525 per share that’s payable May 1, 2023 to holders of record March 31, 2023. This represents a 6.06% increase over the last quarter dividend.
With current price C$34.62 (yesterday's close), this raise brings their dividend yield to 6.07%.
Power Corporation of Canada is a member of Canadian Dividend All Star List with a 9 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 7.8, 7.4, 7.0 and 5.5 (Canadian Dividend All-Star List)
Since I own 115 shares of POW, this will increase my portfolio's projected annual net dividend income by $7.49.
This increase is in line with my expectations and I am happy to accept it.
This is the first dividend increase I've received from Power Corporation of Canada since initiating a position in March 2022.
This increase raises my YOC to 5.72%.
Summary of 2023 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long POW
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