Canadian banks, whose dividends yields climbed during the financial crisis, are again gaining favor with investors, as their pledges to maintain payouts gives them an edge over global counterparts who have shunned them.
FILE PHOTO: A man walks in front of buildings in the financial district in Toronto, January 28, 2013. REUTERS/Mark Blinch
Dividends are seen as evidence of good financial health and encourage loyalty from investors, particularly in the current low-yield environment. “Globally, there continues to be a pursuit for yield … and there are simply not many places where you can get yield anymore,” said Kash Pashootan, Chief Executive Officer of First Avenue Investment Counsel.
Bank of America Securities analyst Ebrahim Poonawala pointed out that Canadian banks were one of the few developed market lenders to not cut dividends in 2008.
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