Markets

Ex-Div Reminder for Bank of Montreal's Non-cumulative Perpetual Class B Preferred Shares Series 14

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Shutterstock photo

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On 1/30/17, Bank of Montreal's Non-cumulative Perpetual Class B Preferred Shares Series 14 (TSX: BMO-PRK.TO ) will trade ex-dividend, for its quarterly dividend of $0.3281, payable on 2/27/17. As a percentage of BMO.PRK's recent share price of $25.55, this dividend works out to approximately 1.28%, so look for shares of BMO.PRK to trade 1.28% lower - all else being equal - when BMO.PRK shares open for trading on 1/30/17. On an annualized basis, the current yield is approximately 5.14%.

As of last close, BMO.PRK was trading at a 2.12% premium to its liquidation preference amount. Investors should keep in mind that the shares are not cumulative , meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend. The chart below shows the one year performance of BMO.PRK shares, versus BMO:

Performance Comparison Chart

Below is a dividend history chart for BMO.PRK, showing historical dividends prior to the most recent $0.3281 on Bank of Montreal's Non-cumulative Perpetual Class B Preferred Shares Series 14:

BMO.PRK+Dividend+History+Chart

According to the ETF Finder at ETF Channel, Bank of Montreal (TSX: BMO.TO ) makes up 3.85% of the ETF ( QCAN ) which is trading relatively unchanged on the day Thursday.

In Thursday trading, Bank of Montreal's Non-cumulative Perpetual Class B Preferred Shares Series 14 (TSX: BMO-PRK.TO ) is currently up about 0.1% on the day, while the common shares (TSX: BMO.TO ) are trading flat.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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