BMO Financial Group Increases Common Share Dividend by 4 cents from the prior quarter, up 6 per cent from the prior year

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Bank of Montreal (BMO) increases quarterly dividend by 3% for the first quarter of fiscal year 2024. The company also declared dividends for various preferred shares, all payable in February 2024. Shareholders may opt for dividend reinvestment with a two percent discount.

TORONTO, Dec. 1, 2023 /PRNewswire/ - Bank of Montreal (TSX: BMO) (NYSE: BMO) today announced that its Board of Directors declared a quarterly dividend of $1.51 per share on paid-up common shares of Bank of Montreal for the first quarter of fiscal year 2024 ("Q1 2024 Dividend"), a 4 cent, or 3 per cent, increase from the prior quarter, up 6 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;
• $0.426 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 27, 2024, to shareholders of record on January 30, 2024.  The dividends on the preferred shares are payable on February 26, 2024, to shareholders of record on January 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"). 

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 2024 Dividend.  For registered shareholders who wish to participate in the Plan and thereby receive the two percent discount in respect of the Q1 2024 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, 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:
Dividend Reinvestment Plan

Internet: www.bmo.com   Twitter: @BMOmedia

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SOURCE BMO Financial Group

FAQ

What is the dividend declared by Bank of Montreal for the first quarter of fiscal year 2024?

The Board of Directors declared a quarterly dividend of $1.51 per share on paid-up common shares of Bank of Montreal for the first quarter of fiscal year 2024.

When are the dividends payable for the preferred shares?

The dividends on the preferred shares are payable on February 26, 2024, to shareholders of record on January 30, 2024.

How can common shareholders reinvest their cash dividends?

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').

What is the discount offered for dividend reinvestment?

Additional common shares will be issued from treasury with a two percent discount from the Average Market Price for existing members of the Plan.

How can registered shareholders participate in the dividend reinvestment plan?

Registered shareholders who wish to participate in the Plan and receive the two percent discount must submit Enrolment Forms to the Bank's transfer agent, Computershare Trust Company of Canada, by the close of business on February 1, 2024.