Nutrien Ltd. is raising its quarterly dividend by 4.7 per cent starting with its payment to shareholders of record at the end of the third quarter.
The Saskatoon-based company says it will pay a quarterly dividend of 45 cents US per share.
That’s up from its previous dividend of 43 cents US per share.
“We are committed to returning significant capital to shareholders, including providing investors with a stable and growing dividend,” said Chuck Magro, president and CEO of Nutrien.
“The increase announced (Monday) demonstrates the strength of our integrated business model and confidence in our ability to generate strong and growing cash flow.”
After the increase, the stock will have an annual yield of about 3.7 per cent, based on the company’s share price on Monday.
The increase does not apply to the company’s dividend payable July 18, to shareholders of record on June 28.
Nutrien shares closed up 27 cents at C$64.97 on the Toronto Stock Exchange on Monday.
WATCH (February 2019): Nutrien explains the decision to move 2 executives to Saskatoon
– With files from Global News