Ex-Date for Dividend is November 19thI expect a run into that date. Many investors will want the increased dividend of 21.6 cents this quarter.
This one often does not go down by the amount of the dividend or stay down for long as the reduced price just makes the yield look that much better.
The higher markets we have had since the end of the last quarter will keep driving assets, earnings and cash flow higher.
The analysts have started to believe the company is nowhere near as bad as they thought BUT they aren't willing to raise their targets too much at a time because that would mean they were wrong before so they will raise them each quarter by progressively larger amounts until they are actually higher than the current price.
And I suspect that the surprise beat last quarter will mean that some buyers will start sniffing around.
I see CI as well as AGF as buyers or merger possibilities here as well as any of the banks with TD being the most likely now that they can't expand in the US after their AML stumble there.
We are consolidating nicely in the $10 area with some lower buyers taking their profits. With more buyers at the current price and a very small float when you consider management holdings as well as fund company and pension holdings, price movements up could be swift if and when there is another surprise of any kind.
GLTA