CP: Dividend increased by 27.5%
Written by Andrew Corselli
Canadian Pacific (CP) recently declared a quarterly dividend of $.83 per share on the outstanding Common Shares, an increase of 27.5% to the previous dividend of $.65 per share.
The announcement, which further proves its “strong momentum” and comes on the heels of a record-setting April, “is another step toward meeting CP’s stated goal of achieving a 25% dividend payout ratio,” the Calgary, AB-based railroad said in a press release.
The dividend is payable on July 29, 2019 to holders of record at the close of business on June 28, 2019, and is an “eligible” dividend for purposes of the Income Tax Act (Canada) and any similar provincial/territorial legislation, CP noted.
“This significant dividend increase represents not only our outstanding performance as a company, but our commitment to creating long-term value for our shareholders,” said CP President, CEO Keith Creel. “CP remains well-positioned for sustainable, profitable growth and providing balanced shareholder returns is an important part of our success. This is the fourth straight year CP has increased the quarterly dividend, representing a 137% increase since 2014. In this time, CP has paid $1.47 billion in dividends and returned $9.2 billion to shareholders.”
