I came across these numbers yesterday in an article entitled “Could U.S. bank dividend contagion spread north?” by Rob Carrick from the Globe and Mail. Rob Carrick calculated the below figures based on the stock prices at the close of January 16th, 2008 and on the estimated earnings per share for 2008. Please click here to view Rob Carricks’ entire article.
Bank of Montreal (BMO)
Yield: 5.09%
Payout Ratio: 46.7%
National Bank of Canada (NA)
Yield: 5.06%
Payout Ratio: 39.3%
Cdn. Imperial Bank of Commerce (CM)
Yield: 5.03%
Payout Ratio: 38.7%
Royal Bank of Canada (RY)
Yield: 4.11%
Payout Ratio: 41.7%
Bank of Nova Scotia (BNS)
Yield: 4.00%
Payout Ratio: 40.0%
Toronto-Dominion Bank (TD)
Yield: 3.43%
Payout Ratio: 36.2%
I did some research and discovered that BMO reduced their dividend from $1.88 to $1.00/share back in 2000. Perhaps someone could verify this. Hopefully that doesn't happen again this time round.
ReplyDeleteFrom their 2000 annual report "Dividends paid increased $0.12 to $1.97 per share in 2000."
ReplyDeleteFrom 2001 "while dividends paid increased 10% to $1.09 per share in 2001."
Keep in mind that there was a share split (2 for 1) in March 2001.
http://www2.bmo.com/content/0,1263,divId-3_langId-1_navCode-3198,00.html#ArchivedAR
Thanks. That was likely the case.
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