Wednesday, March 20th the Board of Directors of Power Corporation of Canada (TSE:POW) announced a quarterly dividend increase of from C$0.525 to C$0.5625 per share that’s payable May 1, 2024 to holders of record March 28, 2024. This represents a 7.14% increase over the last quarter dividend.
With current price C$39.45 (today's open), this raise brings their dividend yield to 5.70%.
Power Corporation of Canada is a member of Canadian Dividend All Star List with a 10 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 6.1, 5.5, 6.9 and 6.1 (Canadian Dividend All-Star List)
Since I own 115 shares of POW, this will increase my portfolio's projected annual net dividend income by $9.54.
I was expecting an increase of around 5%, so this was a pleasant surprise that I am happy to accept.
This is the second dividend increase I've received from Power Corporation of Canada since initiating a position in March 2022. During that period, the quarterly dividend has gone up decently from C$0.525 to C$0.5625, or 13.6 percent.
This increase raises my YOC to 6.13%.
Summary of 2024 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long POW
Thanks for stopping by!
No comments:
Post a Comment