Below is a list of companies in Canada and the United States that have increased their dividends in the month of December.
The companies we list are not the complete list of companies that have increased their dividends in Canada and the United States or the rest of the world however, they are companies we follow or own.
Canadian Companies
| Company | Previous ($) | New ($) | Change (%) |
| CIBC | 0.83 | 0.85 | 2.4 |
| Bank of Montreal | 1.39 | 1.43 | 2.9 |
| Toronto-Dominion Bank | 0.89 | 0.96 | 7.9 |
US Companies
| Company | Previous ($) | New ($) | Change (%) |
| Bristol Myers Squibb | 0.54 | 0.57 | 5.6 |
| CVS Health | 0.55 | 0.605 | 10.0 |
| Deere & Co. | 1.13 | 1.20 | 6.2 |
| MasterCard | 0.49 | 0.57 | 16.3 |
| Pfizer | 0.40 | 0.41 | 2.5 |
| Stryker | 0.695 | 0.75 | 7.9 |
| Waste Management | 0.65 | 0.70 | 7.7 |
| WD-40 | 0.78 | 0.83 | 6.4 |
The dollar value listed per share represents a quarterly dividend payment.
Information was obtained from the companies directly.
History of Bank of Montreal
The Bank of Montreal (BMO) recently increased their quarterly dividend by 2.9% from $1.39 to $1.43. With this dividend increase, the company now pays an annual dividend of $5.72 per share to their shareholders. BMO started paying a dividend in 1829 and has since paid a dividend to its shareholders for over 190 consecutive years.
The Bank of Montreal was founded in Montreal in 1817 by nine notable individuals and was instrumental in the industrialization of Canada. The bank initially was named Montreal Bank and its initial purpose was to assist business customers through conducting trades. Some of the services the bank offered include providing a form of paper money, a secure place where its customers could deposit their savings, a source of loans, and a foreign exchange.
The Bank of Montreal is Canada’s oldest incorporated bank and it operated as Canada’s central bank from when it was established to 1935, when the Bank of Canada was formed. The bank quickly grew and expanded their operations beyond the city of Montreal. It opened offices in Quebec City and Kingston and began to facilitate operations through business associations with other banks in London, New York, and Boston.
The bank became a public company in 1822 with 144 shareholders. At this time, the bank claimed its name of the Bank of Montreal. In 1842, the initial Toronto branch opened and in 1867, the bank opened its first branches in the Maritimes in New Brunswick and Nova Scotia. Due to the success in Canada’s foreign trade, the bank opened its first permanent branches outside of Canada in New York in 1859 and in London, England in 1870.
BMO has continued to expand their operations nationally and globally since its establishment and it is now Canada’s fourth largest bank and is the eighth largest bank in North America by assets. Over the years, the bank has acquired other banks and financial institutions, which have contributed to its growth. One of BMO’s earliest acquisitions was Harris Bankcorp, one of the greatest banks in Chicago. This acquisition allowed The Bank of Montreal to have full operating capability in Canada and the United States. The bank’s most recent acquisition was Bank of the West and its subsidiaries in 2021, which will further strengthen the bank’s presence across North America.
The Bank of Montreal loaned funds to lumber, railway, and industrial companies. In the 1880s, it acted as the main source of financing for the Canadian Pacific Railway. The bank sold the railway’s bonds that were issued by the federal government. As the railway was constructed and built, there were more opportunities for the bank to expand across Canada. The bank opened branches in Winnipeg in 1877, in Calgary in 1886, and in Vancouver in 1887.
As of 2021, the Bank of Montreal had $27.19 billion in revenue, $7.75 billion in profit, and held $988.18 billion in assets. Over 43,863 people are employed by the Bank of Montreal and it serves over 8 million customers across Canada. Bank services are essential and play an important role in our day to day lives. By continuing to provide and adapt their services as society evolves, the Bank of Montreal is able to continue to increase their cash flow and reward their shareholders. The bank rewards their shareholders in the form of paying growing dividends on a consistent basis.
If you would like to read more about company history please take a look at our previous blog post:
“How will you replace your current income in retirement?”™ – Jim Seyers