Thursday, February 8th the Board of Directors of BCE Inc. (BCE) announced a quarterly dividend increase of from C$0.9675 to C$0.9975 per share that’s payable April 15, 2024 to holders of record March 15, 2024. This represents a 3.10% increase over the last quarterly dividend.
With current price C$50.33 (yesterday's close), this raise brings their dividend yield to 7.93%.
BCE is a member of Canadian Dividend All Star List with a 16 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 5.2, 5.1, 5.1 and 5.2 (Canadian Dividend All-Star List)
Since I own 115 shares of BCE, this will increase my portfolio's projected annual net dividend income by $7.62.
I was expecting the same trend to continue, an increase of about 5%, so this was a bit disappointing, of course better than the dividend cut.
This is the 7th dividend increase I've received from BCE since initiating a position in September 2017. During this period, the dividend has grown reasonably from C$0.718 to C$0.9975 or 38.9%.
This increase raises my yield on cost to 7.07%.
Friday, February 9th the Board of Directors of Magna International Inc. (MGA) announced a quarterly dividend increase of from $0.46 to $0.475 per share that’s payable March 8, 2024 to holders of record February 23, 2024. This represents a 3.26% increase over the last quarterly dividend.
With current price $53.88 (yesterday's close), this raise brings their dividend yield to 3.53%.
MGA is a Dividend Contenders with a 15 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 2.2, 4.8, 6.9 and 11.1 (Dividend Champions.xls)
Since I own 100 shares of MGA, this will increase my portfolio's projected annual net dividend income by $4.47.
This increase was in line with my expectations.
This is the 8th dividend increase I've received from Magna International since initiating a position in June 2016. During this period, the dividend has nicely 90% from $0.25 to $0.475.
This increase raises my yield on cost to 4.51%.
Summary of 2024 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long BCE and MGA
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