Cineplex Inc (CGX.TO) announced that it will be raising its dividend by 4.2% from an annual $1.44 per share to $1.50 per share. The dividend increase is effective immediately; and since Cineplex pays its dividends monthly, shareholders will see a hike in dividends starting this month. The new dividend rate results in an annualized yield of 3.74% based on yesterday's closing price.
Cineplex has increased dividends since it converted from income trust to a corporation in 2011. This marks its 4th consecutive annual increase in dividends. My portfolio consists of 40 shares of Cineplex, which increases my annual dividend raise from $57.60 to $60. My yield-on-cost rises to 4.92%.