Magna International Inc (MG.TO)(MGA) announced a dividend increase of 13.64%. The quarterly dividend increases from US$0.22 to US$0.25 per share and payable on Mar 24 2016, to shareholders of record on Mar 11, 2016.
Even though Canadian, the company reports all its financials (including dividend declaration & issuance) in US$.
Magna is a Dividend Challenger and this is the 7th consecutive dividend increase from the company. The annual dividend amount increases from US$0.88 to US$1.00. Yield going forward is 2.82%.
From the earnings release statement:
Vince Galifi, Magna’s Chief Financial Officer, stated: “Our quarterly dividend of $0.25, an increase of 14%, represents a record dividend rate for Magna. This is the sixth straight year of dividend increase in the fourth quarter, reflecting our commitment to returning capital to shareholders and the ongoing confidence our Board has in Magna’s future.”
Our portfolio consists of 50 shares of Magna International, which increases our annual dividends from US$44.00 to US$50.00, an increase of US$6.00.