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Gluskin Sheff Stock Surges After Boosting Payouts

Gluskin Sheff & Associates Inc. gained the most since January after boosting dividends and executive compensation to retain talent.

Gluskin Sheff, a money manager, advanced 2.9 percent to C$21.70 ($20.68) at 2:49 p.m. in Toronto after earlier rising 7.7 percent to C$22.72, the most since Jan. 21. Gluskin has climbed 45 percent this year, second-best among peers after Fiera Capital Corp., which is up 51 percent this year.

“They increased their quarterly dividend,” Patrick Ruiz, analyst at M Capital Partners Inc., said in a phone interview from Toronto. “The market liked that.”

The Toronto-based company declared a special dividend of C$1.40 and increased its quarterly dividend by 14 percent to 20 cents a share, from 17.5 cents, starting in the first quarter of 2014, the firm said today in a statement.

Gluskin increased the maximum percentage of performance fees that go into the bonus pool to 40 percent from 25 percent.

“The pay announcement also is an indication that their pay practices are in line with the market,” Ruiz said. “It brings some stability to the business, where your only asset is your people, and where people are motivated by compensation.”

Ruiz recommends buying the stock, and assigns a 12-month price target of C$24.00, 14 percent higher than yesterday’s closing price.

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