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Portfolio Update as of Feb 28, 2008
2008-03-03 13:38:00
-no change from last month-up 0% in 2008 -CDN 66.2%-U.S. 30.4%-International 3.4%TRP - 4.46%CSH.UN - 4.19%GWO - 4.31%PFE - 4.72%POW - 3.76%WAG - 3.30%L - 2.39%UNS - 2.27%GZ - 2.50%TD - 12.74%EIT.UN - 2.65%JNJ - 5.31%MMM - 3.41%C - 3.39%ATD.B - 3.05%BCE - 5.31%IIC - 2.80%O'Shaughnessy’s Global Fund - 3.38%American Growth Fund - 0.84%CDN Value Fund - 2.96%Small Cap Growth Fund - 4.02%Chou Associates Fund - 9.48%Money Market Fund - 8.78%The only change in my portfolio over the last month was that I added a quarter position to my Citibank holding.
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TFSA ? Tax Free Savings Account
2008-02-29 16:47:00
As I?m sure you have probably heard the recently released budget contains a proposed ?Tax Free Savings Account ?. This proposed account will allow individuals to contribute up to $5000 annually into an account that can accumulate interest, capital gains and dividend tax free. As there is already a lot of information circulating regarding these new accounts I won?t try to rehash it all but instead provide you some links to sites that you may be interested in:-How to Profit from a Tax Free Savings Account (click here)-TFSA Bonanza (click here)-The Tax-Free Savings Account (TFSA) ? A Creative Financial Approach (click here)-Federal Budget 2008: Tax Free Savings Account (click here)-Benefits of Tax Free Savings Account (click here)-Tax Free Savings Account (click here)-Juggling the Mortgage, RRSP?s and TFSA?s (click here)-Tax-Free Savings Account (click here)

Citigroup - C
2008-02-27 14:17:00
"Citi group is organized into four major business groups: Global Consumer; Markets and Banking (M&B); GlobalWealth Management; and Alternative Investments. The Citigroup Global Consumer business includes banking services, credit cards, loans and insurance. The M&B business is in about 100 countries and advises companies, governments, and institutional investors on the best way to realize their strategic objectives. The GlobalWealth Management division at Citigroup is comprised of The Citigroup Private Bank, Smith Barney (private wealth management), and Citigroup Investment Research,and serves both private and institutional clients.?Here are my reasons for averaging down:-As a general rule I?ve found that the best time to buy large multinational blue chips is when everyone else hates them.-Currently 45% of their revenue is generated outside of the United States and their current focus is to increase this number to 60%.-They have the world?s largest credit card operation.-In my opinion...

Citigroup ? C
2008-02-26 18:59:00
I'm currently travelling so this post will be short.Last Friday I added about a quarter position to my Citigroup holding. I continue to like Citi for the same reasons as I did when I originally initiated a position in November. Tomorrow I?ll provide a full analysis of C as well as the new fair price that I?ve calculated.

Johnson & Johnson - (JNJ)
2008-02-22 13:45:00
?Johnson & Johnson is engaged in the manufacture and sale of a broad range of products in the health care field in many countries of the world. The company's worldwide business is divided into three segments: Consumer; Pharmaceutical; and Professional.?Dividend Yield: 2.64%Dividend Yield 5yr Avg: 1.9 %ROE levels of above 21% for the past 10 yearsCurrent P/E? 17.3Projected 2008 P/E ?14.3Projected 2009 P/E ? 13.64 Star rating from S&P - $74 one year targetArgus rates it a buy with a $75 one year targetOther information:-44 years of consistent dividend growth.-3 year average dividend growth rate: 14%-5 year average dividend growth rate: 15.5%-5 year average dividend payout ratio: 40%-Dividends issued to shareowners every quarter since 1944. -Dividend raised each year for 44 consecutive years. -Sales have increased each year for 73 consecutive years.-Double digit Earnings increases for 21 consecutive years.-44% of sales outside of North AmericaCalculated Fair Value:The fair price I cal...

Sub Prime Explained
2008-02-20 13:55:00
Here's a funny little cartoon series that actually does a good job explaining the subprime mess. It?s definitely worth the read.http://docs.google.com/TeamPresent?d ocid=ddp4zq7n_0cdjsr4fn&skipauth=true&pli =1
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3M - MMM
2008-02-19 17:32:00
Today I?d like to take a look at this member of the ?Broad Dividend Achievers?. ?3M Company is a diversified technology company with leading positions in consumer and office; display and graphics; electronics and telecommunications; health care; industrial; safety, security and protection services; transportation and other businesses. They are an integrated enterprise characterized by substantial intercompany cooperation in research, manufacturing and marketing of products.? They trade under the symbol MMM on the New York Stock Exchange and are included in the following indexes Dow Jones Composite, Dow Jones Industrial, S&P 100, S&P 500 and S&P 1500 Super Comp.-Current P/E ? 14.5X-2008 Estimated PE ? 14.7X-2009 Estimated PE ? 13.3X-ROE ? 37.74%-Current Yield ? 2.36% -5 Year Average Yield ? 2%-Current Payout Ratio ? 33.5%-5 Year Historical Payout Ratio ? 39%-3 year dividend growth rate ? 10.02%-5 year dividend growth rate ? 10%Other Facts:-Dividend History: Paid quarterly since 1916...

3M ? Increases Dividend
2008-02-14 17:30:00
On Feb 11th, 3M announced a 4.2% increase in their quarterly dividend, making 2008 the 50th consecutive year that the company has increased their dividend. Although, the dividend increase is only marginally above the rate of inflation their payout ratio has slowly been coming down. The 5 year average payout ratio is approximately 39% while their current payout ratio is about 33.5%. The Moneygardener has suggested on his blog that perhaps the paltry dividend increases are a result of 3M bulking up for future acquisitions and I certainly agree that?s a probable option. However, another reason for the small dividend increase could simply be that management is taking a cautious approach. I?m speculating that the management at 3M is like most of the large and small players in the market, just waiting to see what happens to U.S economy. Will there be a recession? If so how bad will it be? Although, 60% of 3M?s revenue now comes from outside the U.S they are still very closely tied to the ...
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Subprime ? Do We Have a Problem Managing Risk ?
2008-02-12 22:00:00
Due to the ongoing subprime fiasco many banks and financial institutions are in the process of redefining how they assess risk. As an investor I find it hard to believe that these major financial players could have miscalculated risk to the degree that it now has some of them teetering on bankruptcy while potentially throwing the U.S into a recession. Personally, I?m hoping that they knew the risk and were just greedy. As an investor the greed argument is much more reassuring than the notion that almost all of the major financial players in the U.S do not have the ability to accurately assess risk, and therefore were investing in products that they didn?t understand.Recently Citigroup Chairman Win Bischoff was quoted as saying ?managing risk within a bank is not just a matter of relying on internal processes but also requires taking the right decisions at the top of the company?. Is this new? Is he proposing a new standard for risk management? His quote leaves me asking ?what were t...
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Thinking about Taking a Vacation?
2008-02-11 17:13:00
If you love adventure and go on vacation for an adrenaline rush then you might want to check out the below hot spots. Reuters has compiled a list of great travel destinations for the really depressed/insane. The article entitled ?Travel Picks: The world's top 10 dangerous destinations? provides a brief description of each destination as well as the possible risks ie- warlords, kidnapping, land mines etc?Here they are in order of danger:1. Somalia2. Iraq3. Afghanistan4. Haiti5. Pakistan6. Sudan7. Democratic Republic of the Congo8. Lebanon9. Zimbabwe10. Palestinian TerritoriesTo view the entire article please click here.
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A Correction vs. a Bear
2008-02-08 14:42:00
When does a market correction become a bear market? Well according to InvestorWords.com the definition of a bear market is: ?A prolonged period in which investment prices fall, accompanied by widespread pessimism. If the period of falling stock prices is short and immediately follows a period of rising stock prices, it is instead called a correction. Bear markets usually occur when the economy is in a recession and unemployment is high, or when inflation is rising quickly.?Another general guideline that is used to distinguish a correction from a bear is that a correction can be defined as a 10% decline, while a bear market is a 20% drop. So what do you think correction or bear?
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Portfolio Update as of Feb 2, 2008
2008-02-05 13:43:00
-up 1% from last month-up 9% in 2007-CDN 67%-U.S. 30%-International 3%TRP - 4.31%CSH.UN - 4.27%GWO - 4.49%PFE - 4.99%POW - 3.97%WAG - 3.27%L - 2.62%UNS - 2.47%GZ - 2.17%TD - 13.02%EIT.UN - 2.45%JNJ - 5.43%MMM - 3.52%C - 2.68%ATD.B - 3.09%BCE - 5.22%IIC - 2.36%O'Shaughnessy’s Global Fund - 3.39%American Growth Fund - 0.87%CDN Value Fund - 3.11%Small Cap Growth Fund - 3.87%Chou Associates Fund - 9.34%Money Market Fund - 9.08%The only change in my portfolio over the last month was the purchase of IIC. I also contributed some cash to the portfolio which increased my cash position to 9% from 6%. The cash injection was also responsible for the 1% portfolio increase. Excluding the cash injection the portfolio would have been down approximately 2%. The reason for the decrease was the general malaise that the markets have experienced over the last month, no individual name was down in any significant way. As always I’ll continue to monitor the markets and make acquisitions when I percei...
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ING Canada – IIC
2008-02-04 13:44:00
I recently purchased a small amount of ING Canada (IIC - TSX). I am going to continue to follow it and possibly double down in the future. I plan on holding this name for approximately 2 to 5 years (due to the cyclicality of the P&C industry). However, I don’t expect much movement in the stock for the next 6-12 months.ABOUT “ING Canada Inc. is the largest provider of property and casualty (P&C) insurance in Canada, operating through ING Insurance, ING Novex, Nordic, belairdirect and Trafalgar. Our principal products are automobile, property and liability insurance, which we provide to individuals and small to medium-sized businesses across Canada. Consumers can purchase insurance products from ING Insurance through a network of 2800 brokers across the country, from belairdirect through its web site and call centres as well as from Trafalgar Insurance through Grey Power brokers and call centres”Current P/E – 8.5X-2008 Estimated PE – 9.1X-2009 Estimated PE – 8.1X-ROE – 2...

TransCanada Corp ? TRP
2008-01-30 13:43:00
"TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure. Our network of more than 59,000 kilometres (36,500 miles) of pipeline taps into virtually all major gas supply basins in North America. TransCanada is one of the continent?s largest providers of gas storage and related services with approximately 360 billion cubic feet of storage capacity. A growing independent power producer, TransCanada also owns, or has interests in, approximately 7,700 megawatts of power generation."Investors in TranCanada Corp. all received a pay raise yesterday (albeit a small one). TRP raised their quarterly dividend by 6% and reported fourth quarter net income of $0.70/share (up 27% from last year). While fourth quarter earnings were up 8% from 2006. Year over year net income was 5% to $2.31/share, while earning were up 10% to $2.09/share.In my opinion TRP is a solid Canadian company that should part of the foundation of any diversified di...

Dividend Reinvestment Plans - DRIPs
2008-01-28 13:36:00
If you are unfamiliar with Dividend Reinvestment Plans please read the following posts from November, 2007 ?DRIPS? and ?To DRIP or not to DRIP?.I have recently chosen to enroll my entire account in a synthetic DRIP program. In a previous post I had mentioned that I chosen to DRIP some of my holdings however all holdings are now DRIPed and all new holdings will automatically be enrolled in a synthetic DRIP program without me having to notify a broker. Setting up an automatic DRIPing program is extremely easy and can be done with one five minute phone call to your discount broker. You simply call your discount broker, and tell them which account you?d like to enroll. I?ve chosen to DRIP my entire account to take advantage of recent declines in the market. Additionally, my portfolio is now at the point where I won?t be adding a lot of new names and as a result won?t require the cash flow from my current holdings to finance the purchase of new names. Additionally, with approximately 20...
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The Facts about Wal-Mart
2008-01-25 15:06:00
I discovered a great article by Charles Fishman, ?The Wal-Mart You Don?t Know?while doing my daily read over at Million Dollar Journey. The article explores Wal-Mart from the suppliers? point of view and illustrates the enormous power that Wal-Mart can exert not only on their suppliers but also on the entire global economy. The author argues that: ?The giant retailer's low prices often come with a high cost. Wal-Mart's relentless pressure can crush the companies it does business with and force them to send jobs overseas. Are we shopping our way straight to the unemployment line??Here are some aspects of the article that I found interesting. -? Wal-Mart is not just the world's largest retailer. It's the world's largest company--bigger than ExxonMobil, General Motors, and General Electric.?-Last year they sold $255.5 billion worth of goods.-In 3 months they sells more than number-two retailer Home Depot sells in a year.-They do ?more business than Target, Sears, Kmart, J.C. Penne...
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Johnson & Johnson (JNJ) - A Sliver of Good News
2008-01-23 13:41:00
Well it?s been a pretty dismal couple of weeks for the markets with many companies (particularly financials) releasing earning reports that surprised even the bearish of analysts. However, despite all the doom and gloom there are a few positive results out there.Yesterday Johnson & Johnson announced record sales of $16 billion (a 16.6% increase from Q4 2006) and a 10.8% increase in fourth quarter EPS. Excluding special items their fourth quarter EPS was $0.88 beating the analyst consensus of $0.86 a share. Although these aren?t blockbuster results they are exactly what I?d expect from JNJ, consistent and steady. Even more importantly I think it?s important to look at where the growth is coming from:CONSUMER SEGMENTU.S Sales: Up 37.6% to $1.63 billion from $1.18 billionInternational Sales: Up 57.9% to $2.18 billion from $1.38 billionTotal Growth: Up 48.5% (The huge increase in this sector is partially a result of the acquisition of Pfizer?s consumer division.)PHARMACEUTICAL SEGEMEN...
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Warren Buffet?s Holdings as of September 30, 2007
2008-01-21 18:05:00
As Warren Buffet is arguably the worlds most successful investor I think it?s worth the time to periodically check his holdings to see where he?s deployed his capital. The below chart lists his holdings as of September 30, 2007. Although, this information is around 4 months old Warren Buffet is a very long term investor and has been quoted as saying ?Our favourite holding period is forever? as such I don?t think the composition of his portfolio would have changed in any significant way since September.
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Canadian Bank Yields & Payout Ratios
2008-01-18 14:04:00
I came across these numbers yesterday in an article entitled ?Could U.S. bank dividend contagion spread north?? by Rob Carrick from the Globe and Mail. Rob Carrick calculated the below figures based on the stock prices at the close of January 16th, 2008 and on the estimated earnings per share for 2008. Please click here to view Rob Carricks? entire article.Bank of Montreal (BMO)Yield: 5.09% Payout Ratio: 46.7%National Bank of Canada (NA)Yield: 5.06%Payout Ratio: 39.3%Cdn. Imperial Bank of Commerce (CM)Yield: 5.03%Payout Ratio: 38.7%Royal Bank of Canada (RY) Yield: 4.11%Payout Ratio: 41.7%Bank of Nova Scotia (BNS)Yield: 4.00%Payout Ratio: 40.0%Toronto-Dominion Bank (TD)Yield: 3.43%Payout Ratio: 36.2%
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Brookfield Asset Management (BAM.A)
2008-01-16 13:46:00
?Brookfield is a global asset manager focused on property, power and other infrastructure assets with approximately US$90 billion of assets under management. We own and manage one of the largest portfolios of both premier office properties and hydroelectric power generation facilities as well as transmission and timberland operations, located in North and South America and Europe.?In my opinion BAM.A is the perfect candidate for a long term hold as they are in relatively recession resistant, renewable areas that will continue to grow in the future. Their five primary areas interest are:1. Property - $35 billion of property assets under management in North and South America, Europe and Austraila2. Power ? invested primarily in high quality, long life hydroelectric power facilities located primarily in north east North America as well as Brazil.3. Timber - have 2.5 million acres of high quality timberlands under management4. Infrastructure ? over 11,000 kilometers in Northern Ontario ...
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40 Year Mortgages are now in Canada
2008-01-14 13:32:00
Well it?s official 40 year mortgages have been in Canada for about 6 months now. On June 20, 2006 Wells Fargo became ?the first lender to offer nationwide to Canadian consumers a mortgage with a 40-year amortization". Since then virtually all of the major mortgage players in Canada are offering similar products. The timing seems impeccable given what?s currently happening in the United States mortgage market. Now everyone, even those who probably shouldn?t have a mortgage, can afford to buy a house in Canada. Although I disagree with 40 year mortgages in principle and under no circumstances would consider one for myself I?m not complaining as I currently have a significant amount of my portfolio in Canadian financial companies and any chance they get to increase earnings is fine by me. The disadvantages of 40 year mortgages are obvious (from the borrowers point of view) but just to drive the point home here is a little example of how much a 40 year mortgage would actually cost you....
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CIBC A History of Screw Ups and a Time to Buy?
2008-01-10 14:44:00
CIBC certainly seems to be unique among the big 5 Canadian banks. They have made themselves unique by the fact that they can?t seem to be able to avoid screwing up. They seem to have an innate ability to identify and then participate in risky market shenanigans. Let?s briefly take a look at some of the more recent debacles.Dec 22, 2003Canadian Imperial Bank of Commerce agreed to pay 80 million dollars to settle US charges that it aided Enron's financial fraud and pledged to assist a federal criminal investigationAugust 2005They took a $2.5 billion after-tax charge against its profit in the third quarter ended July 31, 2007 to cover the payment and other Enron issues. After taking this huge write down in 2005 CIBC was adamant about avoiding ?risky investments?. Just 2 short years later they announced that they would incur approximately $1 billion in charges due to their exposure to the U.S sub-prime mortgage market. However, many analysts now believe that CIBC will need to write do...
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About Warren Buffet
2008-01-09 15:32:00
I don?t think there is anyone out there who doesn?t know who Warren Buffet is however, just in case I?m wrong I?ll give you a quick bio with a few of the lesser known facts.- Born in 1930, Nebraska, Omaha- Arguably the world?s most successful investor.- 2nd richest man on the planet with an estimated net worth of over $52 billion.- At 11 he bought his first stock. He purchases 6 shares of Cities Service preferred stock [3 shares for himself, 3 for his sister, Doris]- At 13 he filed his first income tax return, deducting his bicycle as a work expense for $35.- Received a Bachelor of Arts/Science from the University of Nebraska Lincoln, Science- Was rejected from Harvard grad school for ?being too young?- Received a Masters of Science from Columbia where he studied under his mentor and investing legend Benjamin Graham.- Bought control of textile firm Berkshire Hathaway 1965. Today Berkshire Hathaway is a huge holding company that owns controlling interests in a multitude of stocks.- I...
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Dividend Growing Stocks VIII ? Manulife Financial (MFC)
2008-01-07 14:31:00
?Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$399.0 billion (US$400.5 billion) as at September 30, 2007.?-Current PE ? 14.2X-2008 Estimated PE ? 12.5X-2009 Estimated PE ? 11.11X-ROE ? 16.32%-Current Yield ? 2.5% -5 Year Average Yield ? 1.7%-Current Payout Ratio ? 30%-5 Year Historical Payout Ratio ? 24%-3 year dividend growth rate ? 28.17 %-5 year dividend growth rate ? 30.10%-Well diversified internationally with a strong presence in the emerging asian markets.-?Manulife Financial is one of two publicly traded life insura...
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Bottom Line vs. Top Line
2008-01-04 19:04:00
I?ve received a few e-mails from readers asking the difference between top line and bottom line growth. I thought it would be appropriate to post my answer here as these are very common terms that most companies use in both their reports and in conference calls and interviews. For example, you?ll often hear statements such as ?although bottom line growth slowed a little more than expected this quarter we were very pleased with the top line growth and are on target to blah blah blah...? Simply put, the bottom line is a company?s income after all expenses have been deducted. If you take a look at an income statement the reasoning behind the term ?bottom line? will become obvious as net income is literally the bottom number on the statement. Other terms for the bottom line are ?net income? or ?net profit?.Top line growth refers to the ?gross sales? or ?gross revenue? of a company. For example, if a company increased their sales or revenue by 20% then they are said to have experienced ...
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Portfolio Update as of Jan 1, 2008
2008-01-02 14:43:00
-up 0.7% from last month-up 8.7% in 2007-CDN 66%-U.S. 31%-International 4%TRP - 4.46%CSH.UN - 4.67%GWO - 4.91%PFE - 4.83%POW - 4.41%WAG - 3.44%L - 2.80%UNS - 2.87%GZ - 2.67%TD - 13.25%EIT.UN - 2.46%JNJ - 5.73%MMM - 3.67%C - 2.65%ATD.B - 3.32%BCE - 5.81%O'Shaughnessy?s Global Fund - 3.65%American Growth Fund - 0.90%CDN Value Fund - 3.39%Small Cap Growth Fund - 4.19%Chou Associates Fund - 9.52%Money Market Fund - 6.39%The only change in my portfolio over the last month was that my very small position in BA.UN was sold through the ?Small Unitholder Selling Program?. My strategy of buying out of favour, high quality, dividend growth companies will remain the same in 2008 as it was in 2007.. I don?t anticipate initiating many new positions in 2008 however, I will be keeping a close eye on U.S financials and suspect that I?ll be making some acquisitions in this sector later in the year.
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Favorite Quotes from Warren Buffet
2007-12-31 01:15:00
I thought I would use my final post of the year to share a few of my favorite quotes from the world's most successful investor, Warren Buffet .?Wide diversification is only required when investors do not understand what they are doing.??We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.??We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a 'romantic.'??Time is the friend of the wonderful company, the enemy of the mediocre.??The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.??Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.??Our favourite holding period is forever.??Only when the tide goes out do you discover who's been swimming naked??Only buy somethi...
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2008 U.S Dividend Growth
2007-12-28 17:51:00
It has been a great year for dividend growth investors with over 60% of the S&P constituents increasing their dividend in 2007. On average the companies comprising the S&P 500 increased their dividend payments by a healthy 9.7%. Total dividends paid by S&P 500 companies broke a new record with a whooping $256.6 billion distributed to shareholders. This is up $31.8 billion from $224.8 billion in 2006.According to S&P analysts dividends will continue to rise 2008 with the average estimated increase to be 9.3%. However, this growth is not expected to be evenly distributed amongst the S&P 500 group of companies. U.S financials are going to be the obvious laggards as virtually all growth in that sector is expected to be muted by the on going sub-prime fiasco. Many analysts are in fact predicting some significant dividend cuts from the large U.S financials, which account for 30% of the dividends paid by S&P constituent companies. Respected analysts such as Goldman Sach?s William Tanona, ...
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Canadian ETFs
2007-12-26 18:37:00
Those of you that are pursuing (or interested in pursuing) an index or ETF based investment strategy might find the below list helpful. I?ve listed every ETF that trades on the TSX for your perusal.iShares CDN S&P/TSX 60 Index Fund (XIU)iShares CDN S&P/TSX Global Gold Index Fund (XGD)iShares CDN MSCI EAFE 100% Hedged to CAD Dollars Index Fund (XIN)iShares CDN Scotia Capital Universe Bond Index Fund (XBB)iShares CDN S&P/TSX Capped Energy Index Fund (XEG)iShares CDN Scotia Capital Short Term Bond Index Fund (XSB)iShares CDN S&P 500 Hedged to Canadian Dollars Index Fund (XSP)iShares CDN S&P/TSX Capped Financials Index Fund (XFN)iShares CDN S&P/TSX Capped Composite Index Fund (XIC)iShares CDN Dow Jones Canada Select Dividend Index Fund (XDV)iShares CDN S&P/TSX Capped REIT Index Fund (XRE)iShares CDN S&P/TSX Completion Index Fund (XMD)iShares CDN S&P/TSX Capped Materials Index Fund (XMA)iShares CDN S&P/TSX Capped Income Trust Index Fund (XTR)iShares CDN S&P/TSX Capped Information Technol...
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Recent Canadian Dividend Increases
2007-12-21 14:27:00
There is nothing more satisfying to a dividend growth investor than a nice juicy dividend increase. Here is a quick recap of some of the Canadian dividend increases in the last 3 weeks.1.National Bank (NA) increased their quarterly dividend 3.33% to 62 cents/share.2.Reitmans (RET.A) increased their quarterly dividend 12.5% to 18 cents/share.3.Astral Media (ACM.A) increased their semi-annual dividend 25% to 25 cents/share.4.Canadian Western Bank (CWB) increased their quarterly dividend 11% to 10 cents/share.5.Bank of Nova Scotia (BNS) increased their quarterly dividend by 4.44% to 47 cents/share.6.A&W Royalties Income Fund increased their monthly distribution 2.9% to 10.6 cents/unit.7.Laurentian Bank (LB) increased their quarterly dividend 10.3% to 32 cents/share.8.Fortis (FTS) increased their quarterly dividend 19% to 25 cents/share.9.Cameco (CC) increased their quarterly dividend 20% to 24 cents/share.10.Encana (ECA) stated that they would increase their quarterly dividend 100% to...
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