Bank of Montreal Raises Quarterly Dividend, Initiates Buyback

By Chris Wack

Bank of Montreal said it raised its quarterly dividend to 1.33 Canadian dollars ($1.04) per share for the first quarter, and it intends to buy back 22.5 million common shares, the lastest major Canadian bank to make such moves.

The bank said its board of directors approved a C$0.27 increase from the previous quarter and up 25% from the prior quarter and prior year.

The dividend is payable Feb. 28, 2022, to shareholders of record Feb. 1.

For the buyback, Bank of Montreal intends to purchase for cancellation up to 22.5 million common shares under a normal course issuer bid. Purchases will be made through the facilities of the Toronto Stock Exchange and may also be made through other designated exchanges and alternative Canadian trading systems.

The bid would begin following TSX acceptance of the notice and continue for up to one year. The shares that may be repurchased represent 3.5% of the bank's public float.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

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