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Bank of Montreal Keeps Dividend Steady at $0.74

Bank of Montreal is the longest-running dividend paying company north of the border.

By Rich Duprey – May 30, 2013 at 12:25PM EST

Bank of Montreal (BMO 0.63%) 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.

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About the Author

Rich Duprey
Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time. Having made the streets safe for Truth, Justice, and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. His coverage reflects his passion for motorcycles, booze, and guns (though not enjoyed all at the same time...usually), but his writing also covers the broader sectors of consumer goods, technology, and industrials. So follow along as he tries to break down complex topics to make them more understandable and useful to the average investor. Have a story idea? Contact Rich here. I may not be able to respond to every suggestion, but I do read them all! Does an article needs a correction? Reach Rich here.

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Stocks Mentioned

Bank Of Montreal Stock Quote
Bank Of Montreal
NYSE: BMO
$142.04
(-0.73%)-$1.04

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