* Stock rises 6.4 pct, Dundee Corp stock gains 7.7 pct
TORONTO, Nov 5 (Reuters) - Shares of Canadian money manager DundeeWealth (DW.TO) and parent company Dundee Corp (DCa.TO) shot higher on Friday after DundeeWealth more than doubled its shareholder dividend and reported a stronger-than-expected quarterly profit.
Toronto-based DundeeWealth said late on Thursday it would replace its quarterly dividend of 7 Canadian cents a share with a monthly payout of 5 Canadian cents a share.
On an annualized basis, the per-share payout rises to 60 Canadian cents from 28 Canadian cents, an increase of 114 percent.
The money manager, which is one of Canada’s largest independent wealth management companies, said it earned a net C$26.4 million ($26.4 million), or 18 Canadian cents per share, in the third quarter, up from a year-before C$12.9 million, or 9 Canadian cents a share.
The result beat analysts’ forecasts for 14 Canadian cents a share.
At midday on Friday, DundeeWealth shares were up C$1.11, or 6.4 percent, at C$18.43 on the Toronto Stock Exchange, while Dundee Corp, which owns 58 percent of the money manager, was up 7.7 percent, or C$1.26, at C$17.56.
$1=$1.00 Canadian Reporting by Cameron French; editing by Peter Galloway