The Toronto-Dominion Bank (TD) announced a dividend increase of 7.84%. The quarterly dividend increases from C$0.51 to C$0.55 per share and payable on and after April 30, 2016, to shareholders of record at the close of business on April 8, 2016.
TD is a Dividend Challenger and this is the 6th consecutive dividend increase from the company. The annual dividend amount increases from C$2.04 to C$2.20. Yield going forward is 4.29%.
From the earnings release statement:
“We are pleased to report adjusted earnings of $2.2 billion, up 6% from the first quarter last year,” said Bharat Masrani, TD President and Chief Executive Officer. “Our performance reflects organic growth, favourable currency translation and expense management. Our first quarter results demonstrate the ability of our diversified business model to perform in a challenging environment. Looking ahead, we remain focused on driving organic growth, improving our productivity, adapting and innovating with new initiatives and investments, and helping our customers achieve their goals.”
Our portfolio consists of 50 shares of TD, which increases our annual dividends from C$102.00 to C$110.00, an increase of C$8.00.