Dividend Increase – Power Corporation of Canada (TSE:POW)

 

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!

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