Tuesday, January 22, 2013
Dividend Increase: CNI
Canadian National Railway (CNI) is increasing its quarterly dividend by 14.7%, from C$0.375 to C$0.43 per share, putting the company on track for its 17th consecutive year of dividend growth (press release). Given that I own 20 shares of CNI, my quarterly dividend increases from $7.50 to $8.60 (before 15% foreign tax withholding), which will add an extra $4.40 to my annual dividend income. This dividend increase also boosts my yield on cost to 2.28%. Thus far this year, there have been dividend increases for 8 of the 26 dividend growth stocks in my portfolio.