Bank of Montreal announced yesterday its third-quarter dividend of $0.74 per share, the same rate it paid last quarter.
The board of directors said the quarterly dividend is payable on Aug. 27 to the holders of record at the close of business on Aug. 1. BMO Financial Group is reportedly the longest-running dividend-paying company in Canada with a policy to pay out 40% to 50% of its earnings over time.
Additionally the board declared dividends for eight series of Class B preferred shares as follows:
$0.28125 a share for Series 13
$0.328125 a share for Series 14
$0.3625 a share for Series 15
$0.325 a share for Series 16
$0.40625 a share for Series 18
$0.40625 a share for Series 21
$0.3375 a share for Series 23
$0.24375 a share for Series 25
The dividends on the preferred shares are payable on Aug. 26 to shareholders of record on Aug. 1.
The regular dividend payment equates to a $2.96-per-share annual dividend, yielding 4.9% based on the closing price of BMO's stock on May 29.
The article Bank of Montreal Keeps Dividend Steady at $0.74 originally appeared on Fool.com.
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