The Board of Directors of Canadian Pacific Railway Limited today declared a quarterly dividend of $0.95 per share on the outstanding Common Shares, an increase of approximately 15 percent to the previous dividend of $0.83 per share. “This dividend increase illustrates the resiliency of our operating model and our continued dedication to creating value for our shareholders,” said CP President and Chief Executive Officer Keith Creel. “As part of our long-term commitment to sustainable, profitable growth, CP has increased its quarterly dividend in five consecutive years. Over that period, we’ve led the industry in dividend growth with a 171 percent increase.” Today’s announcement continues the path toward meeting CP’s stated goal of achieving a 25 percent adjusted dividend payout ratio. Since 2014, CP has paid $2.0 billion in dividends and returned $11.2 billion to shareholders. “This announcement is reflective of the sustained success of our CP family and of our operating model,” Creel said. “Despite the current challenges with COVID-19, we remain committed to delivering for each other, our customers and our shareholders.” The dividend is payable on October 26, 2020 to holders of record at the close of business on September 25, 2020, and is an “eligible” dividend for purposes of the Income Tax Act (Canada) and any similar provincial/territorial legislation.
via Press Release courtesy Randy Kotuby