BMO Financial Group Increases Common Share Dividend by 4 cents from the prior quarter, up 8 per cent from the prior year

Rhea-AI Summary

Bank of Montreal (BMO) declared a quarterly dividend of $1.43 per common share for Q1 2023, marking a 3% increase from the prior quarter and an 8% year-over-year rise. The common share dividend is payable on February 28, 2023, to shareholders on record as of January 30, 2023. Additionally, various dividends on preferred shares were announced, with payments scheduled for February 27, 2023. Shareholders can reinvest dividends through the Bank's Shareholder Dividend Reinvestment and Share Purchase Plan, which offers a 2% discount on shares purchased through this plan.

Positive

• Quarterly dividend increased by 3% from the previous quarter.
• Year-over-year increase of 8% in common share dividend.

Negative

• None.

TORONTO, Dec. 1, 2022 /PRNewswire/ - Bank of Montreal (TSX: BMO) (NYSE: BMO) today announced that its Board of Directors declared a quarterly dividend of $1.43 per share on paid-up common shares of Bank of Montreal for the first quarter of fiscal year 2023 ("Q1 2023 Dividend"), a 4 cent, or 3 per cent, increase from the prior quarter, up 8 per cent from the prior year.

The Board of Directors also declared dividends of:

• $0.24075 per share on paid-up Class B Preferred Shares Series 27;
• $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;
• $0.303125 per share on paid-up Class B Preferred Shares Series 44; and
• $0.31875 per share on paid-up Class B Preferred Shares Series 46.

The dividend on the common shares is payable on February 28, 2023, to shareholders of record on January 30, 2023. The dividends on the preferred shares are payable on February 27, 2023, to shareholders of record on January 30, 2023.

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"). 

As previously announced, and until further notice, such additional common shares will be issued from treasury with a two percent discount from the Average Market Price (as defined in the Plan). The discount will not apply to common shares purchased under the "Optional Cash Payment" feature of the Plan.

For existing members of the Plan, the discount will automatically be applied to the reinvestment of the Q1 2023 Dividend. For registered shareholders who wish to participate in the Plan and thereby receive the two percent discount in respect of the Q1 2023 Dividend, Enrolment Forms must be received by the Bank's transfer agent, Computershare Trust Company of Canada, by the close of business on February 1, 2023. 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                                                     Twitter: @BMOmedia

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SOURCE BMO Financial Group

FAQ

What is the dividend amount declared by BMO for Q1 2023?

BMO declared a dividend of $1.43 per common share for Q1 2023.

When is the BMO dividend payable?

The dividend is payable on February 28, 2023.

How much did BMO increase its common share dividend?

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

What is the record date for the BMO dividend?

The record date for the dividend is January 30, 2023.

Can BMO shareholders reinvest their dividends?

Yes, shareholders can reinvest dividends through the Shareholder Dividend Reinvestment and Share Purchase Plan.

What discount do shareholders receive under BMO's reinvestment plan?

Shareholders receive a 2% discount on shares purchased through the reinvestment plan.