Dividend increase: Bank of Nova Scotia

Article Excerpt

BANK OF NOVA SCOTIA $79 (Toronto symbol BNS; Income-Growth Portfolio, Finance sector; Shares outstanding: 1.2 billion; Market cap: $98.4 billion; Dividend yield: 4.2%; Dividend Sustainability Rating: Above Average; www.scotiabank.com) is Canada’s third-largest bank, with assets of $923.2 billion. Starting with the April 2018 payment, the bank increases its quarterly dividend by 3.8%, to $0.82 a share from $0.79. The new annual rate of $3.28 yields a high 4.2%. Bank of Nova Scotia has raised its dividend in 43 of the past 45 years, and still has room for more increases. It paid out 46.6% of its earnings in fiscal 2017, which is well within its target range of 40% to 50%. Bank of Nova Scotia is a buy. buy…

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