Toronto-Dominion Bank's board has raised the banking giant's quarterly dividend by 2.9%, to 1.05 Canadian dollars (US$0.75) from C$1.02.
The new payout, equal to C$4.20 a year, represents an annual yield of about 5.27%, based on Wednesday's closing price of C$79.66, up from 5.12%.
The Toronto-based company on Thursday said the increased dividend is payable Jan. 31 to shareholders of record Jan. 10.
Toronto-Dominion joins fellow Canadian banking majors Canadian Imperial Bank of Commerce, Bank of Montreal, Royal Bank of Canada and National Bank of Canada in raising their dividends this week.
Write to Colin Kellaher at colin.kellaher@wsj.com