UPDATE: BMO Financial Group (BMO) Raises Quarterly Dividend 4.2% to $1.00, 5.3% Yield; Announces Up to 15M Share Buyback

(Updated - February 26, 2019 6:16 AM EST)

BMO Financial Group (NYSE: BMO) declared a quarterly dividend of $1.00 per share, or $4 annualized. This is a 4.2% increase from the prior dividend of $0.96.

The dividend will be payable on May 28, 2019, to stockholders of record on May 1, 0219, with an ex-dividend date of April 28, 0219.

The annual yield on the dividend is 5.3 percent.

subject to the approval of the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange (TSX), to purchase for cancellation up to 15 million of its common shares under a normal course issuer bid. Purchases will be made through the facilities of the TSX and may also be made through alternative Canadian trading systems or by such other means as may be permitted by a securities regulatory authority, including private agreements or share repurchase programs under exemption orders issued by securities regulatory authorities (Exemption Orders). Bank of Montreal (the Bank) intends to file a notice of intention with the TSX in this regard.

Buyback

Subject to regulatory approvals, the normal course issuer bid will commence on or around June 1, 2019, and will end on or around May 31, 2020. The common shares that may be repurchased represent approximately 2.4 per cent of the 'public float' (as such term is defined in the TSX Company Manual) of common shares as at January 31, 2019. The timing and amount of any purchases under the program is subject to regulatory approvals and to management discretion based on factors such as market conditions. Except for any purchases made under an Exemption Order, which will generally be at a discount to the prevailing market price, the Bank will pay the market price for the shares at the time of acquisition.

There were 638,403,636 Bank of Montreal common shares issued and outstanding as at January 31, 2019, and the public float was 638,027,201 common shares.

BMO's current normal course issuer bid for the purchase of up to 20 million common shares commenced on June 1, 2018, and expires on May 31, 2019. Under the current NCIB, as of February 1, 2019, BMO has purchased and cancelled 3 million of its common shares on the open market at a volume weighted average price of approximately $99.44 per share.

Bank of Montreal's common shares are listed on both the Toronto and New York stock exchanges.

For a dividend history and other dividend-related data on BMO Financial Group (BMO) click here.

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