Power hikes its dividend

Article Excerpt

POWER CORP., $36.86, is a buy. The conglomerate (Toronto symbol POW; Shares o/s: 600.8 million; Market cap: $24.3 billion; Rating: Above Average; Yield: 6.1%) has several primary investments, including controlling stakes in Canadian financial services firms Great-West Lifeco (insurance) and IGM Financial (mutual funds). It also owns 15.5% of Belgian holding company Groupe Bruxelles Lambert. With the May 2024 payment, the company will raise your quarterly dividend by 7.1%, to $0.5625 a share from $0.525. The new annual rate of $2.25 yields a high 6.1%. The holding company’s shares now trade at a 31% discount to its net asset value per share of $53.53 (as of December 31, 2023). In 2023, its net asset value increased by 28%. Power Corporation is a buy. buy…