On Tuesday, January 28th the Board of Directors of Metro Inc. (TSE:MRU) announced a quarterly dividend increase of from C$0.335 to C$0.37 per share that’s payable beginning of March, to holders of record beginning of February. This represents a 10.45% increase over the last quarterly dividend.
With current price C$88.56 (yesterday's close), this raise brings their dividend yield to 1.67%.
MRU is a member of Canadian Dividend All Star List with a 31 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 10.7, 10.2, 10.9 and 12.9. (Canadian Dividend All-Star List)
As an owner of 55 shares of MRU, the recent dividend increase adds $3.98 to my projected annual net dividend income.
The increase was in line with my expectations and I gladly accept it.
This recent dividend increase marks the 7th consecutive raise I’ve received from Metro Inc. since initiating a position in October 2021. Over this time, the quarterly dividend has grown from C$0.25 to C$0.37 per share, representing a 48% increase.
This increase raises my YOC to 2.38%.
Summary of 2024 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long MRU
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