BMO Financial Group Increases Common Share Dividend by 4 cents from the prior quarter, up 5 per cent from the prior year

Rhea-AI Summary

BMO Financial Group has announced a quarterly dividend increase for its common shares to $1.55, marking a 4 cent or 3% rise from the previous quarter and a 5% increase from the previous year. The dividend will be paid on August 27, 2024, to shareholders of record as of July 30, 2024.

Additionally, dividends were declared for several series of Class B Preferred Shares: $0.2265 for Series 29, $0.240688 for Series 31, $0.190875 for Series 33, and $0.426 for Series 44, payable on August 26, 2024.

Common shareholders can opt for dividend reinvestment through the Shareholder Dividend Reinvestment and Share Purchase Plan, with enrolment forms due by August 1, 2024.

Positive

• Quarterly dividend for common shares increased to $1.55, up 3% from the previous quarter.
• Annual increase in common share dividend by 5%.
• Declaration of dividends for multiple series of Class B Preferred Shares.
• Option for shareholders to reinvest dividends in additional common shares.
• Dividends are designated as 'eligible' for tax purposes, offering potential tax benefits.

Negative

• The dividend increase, although positive, is relatively modest at 3% from the prior quarter.
• Shareholders must take action by August 1, 2024, to participate in the dividend reinvestment plan, which may be inconvenient for some.

TORONTO, May 29, 2024 /PRNewswire/ - Bank of Montreal (TSX: BMO) (NYSE: BMO) today announced at its Board of Directors declared a quarterly dividend of $1.55 per share on paid-up common shares of Bank of Montreal for the third quarter of fiscal year 2024 ("Q3 2024 Dividend"), a 4 cent, or 3 per cent, increase from the prior quarter, up 5 per cent from the prior year.

The Board of Directors also declared dividends of:

• $0.2265 per share on paid-up Class B Preferred Shares Series 29;
• $0.240688 per share on paid-up Class B Preferred Shares Series 31;
• $0.190875 per share on paid-up Class B Preferred Shares Series 33; and
• $0.426 per share on paid-up Class B Preferred Shares Series 44.

The dividend on the common shares is payable on August 27, 2024, to shareholders of record on July 30, 2024.  The dividends on the preferred shares are payable on August 26, 2024, to shareholders of record on July 30, 2024. 

The above-mentioned dividends on the common and preferred shares are designated as "eligible" dividends for the purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.

Common shareholders may elect to have their cash dividends reinvested in common shares of the Bank in accordance with the Bank's Shareholder Dividend Reinvestment and Share Purchase Plan (the "Plan").  Such additional common shares will be purchased on the open market without a discount until further notice.

For registered shareholders who wish to participate in the Plan, Enrolment Forms must be received by the Bank's transfer agent, Computershare Trust Company of Canada, by the close of business on August 1, 2024. Beneficial or non-registered holders must contact their financial institution or broker well in advance of the above date for instructions on how to participate.

More information about the Plan and how to enroll can be found at:
http://www.bmo.com/home/about/banking/investor-relations/shareholder-information/dividend-reinvestment-plan

Internet: www.bmo.com       X: @BMOmedia

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SOURCE BMO Financial Group

FAQ

What is the new dividend per share for BMO common shares?

The new dividend per share for BMO common shares is $1.55.

How much has the BMO common share dividend increased from the previous quarter?

The BMO common share dividend increased by 4 cents, or 3%, from the previous quarter.

What is the annual increase percentage for BMO's common share dividend?

The annual increase percentage for BMO's common share dividend is 5%.

When will the BMO common share dividend be paid?

The BMO common share dividend will be paid on August 27, 2024.

What is the record date for BMO's common share dividend?

The record date for BMO's common share dividend is July 30, 2024.

What are the declared dividends for BMO's Class B Preferred Shares?

The declared dividends are $0.2265 for Series 29, $0.240688 for Series 31, $0.190875 for Series 33, and $0.426 for Series 44.

When are the dividends for BMO's preferred shares payable?

The dividends for BMO's preferred shares are payable on August 26, 2024.

How can BMO shareholders reinvest their dividends?

BMO shareholders can reinvest their dividends through the Shareholder Dividend Reinvestment and Share Purchase Plan.

When is the deadline to enroll in BMO's Dividend Reinvestment Plan?

The deadline to enroll in BMO's Dividend Reinvestment Plan is August 1, 2024.

Where can I find more information about BMO's Dividend Reinvestment Plan?

More information about BMO's Dividend Reinvestment Plan can be found at http://www.bmo.com/home/about/banking/investor-relations/shareholder-information/dividend-reinvestment-plan.