The Motley Fool

These 4 Banks Raised Their Dividends in February

We are only days removed from February, but it’s never too early to look back at the four banks that rewarded their shareholders with dividend increases during the month. Without further ado, let’s take a quick look at each.

Canadian Imperial Bank of Commerce (TSX:CM)(NYSE:CM)

CIBC is Canada’s fifth-largest bank by assets with approximately $586.93 billion in total as of January 31. In its fiscal 2018 first-quarter earnings release on February 22, it announced a 2.3% increase to its quarterly dividend to $1.33 per share, representing $5.32 per share annually, which gives it a 4.6% yield at the time of this writing. The bank was already on pace for fiscal 2018 to mark the eighth straight year in which it has raised its annual dividend payment, and this increase puts it on track for fiscal 2019 to mark the ninth straight year with an increase.

Royal Bank of Canada (TSX:RY)(NYSE:RY)

RBC is Canada’s largest bank as measured by assets with about $1.28 trillion in total as of January 31. In its fiscal 2018 first-quarter earnings release on February 23, it announced a 3.3% increase to its quarterly dividend to $0.94 per share, representing $3.76 per share annually, which gives it a 3.8% yield at the time of this writing. Like CIBC, RBC was already on track for fiscal 2018 to mark the eighth consecutive year in which it has raised its annual dividend payment, and this increase puts it on track for fiscal 2019 to mark the ninth consecutive year with an increase.

Bank of Nova Scotia (TSX:BNS)(NYSE:BNS)

Bank of Nova Scotia is Canada’s third largest bank as measured by assets with approximately $923.15 billion in total as of January 31. In its fiscal 2018 first-quarter earnings release on February 27, it announced a 3.8% increase to its quarterly dividend to $0.82 per share, representing $3.28 per share annually, which gives it a 4.2% yield at the time of this writing. Like CIBC and RBC, Bank of Nova Scotia was already on pace for fiscal 2018 to mark the eighth consecutive year in which it has raised its annual dividend payment, and this hike puts in on pace for fiscal 2019 to mark the ninth consecutive year with an increase.

Equitable Group Inc. (TSX:EQB)

Equitable Group is the ninth-largest independent Schedule I bank in Canada with approximately $24.65 billion in assets under management as of December 31, 2017. In its fiscal 2017 fourth-quarter and full-year earnings release on February 28, it announced a 4% increase to its quarterly dividend to $0.26 per share, representing $1.04 per share annually, which gives it a 1.8% yield at the time of this writing. The bank has now raised its dividend three times in the last eight months, which puts it on track for 2018 to mark the eighth straight year in which it has raised its annual dividend payment.

Just Released! 5 Stocks Under $49 (FREE REPORT)

Motley Fool Canada's market-beating team has just released a brand-new FREE report revealing 5 "dirt cheap" stocks that you can buy today for under $49 a share.
Our team thinks these 5 stocks are critically undervalued, but more importantly, could potentially make Canadian investors who act quickly a fortune.
Don't miss out! Simply click the link below to grab your free copy and discover all 5 of these stocks now.

Claim your FREE 5-stock report now!

Fool contributor Joseph Solitro has no position in any stocks mentioned.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss an important event.

Iain Butler and the Stock Advisor Canada team only publish their new “buy alerts” twice a month, and only to an exclusively small group.

This is your chance to get in early on what could prove to be very special investment advice.

Enter your email address below to get started now, and join the other thousands of Canadians who have already signed up for their chance to get the market-beating advice from Stock Advisor Canada.

I consent to receiving information from The Motley Fool via email, direct mail, and occasional special offer phone calls. I understand I can unsubscribe from these updates at any time. Please read the Privacy Statement and Terms of Service for more information.