Dividend Increase – Royal Bank of Canada (RY)

Friday, February 21 the Board of Directors of Royal Bank of Canada announced a quarterly dividend increase of from CA$ 1.05 to CA$ 1.08 per share that’s payable May 22, 2020 to holders of record April 23, 2020. This represents a 5.88% increase year-over-year and a 2.86% increase to the last quarter dividend.

It should be noted that RY normally increase dividend twice in the calendar year, in Feb and in Aug.

With current price CA$ 109.21 (Friday's close), this raise brings their dividend yield to 3.96%.

RY is a Dividend Contenders with a 10 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 8.0, 7.9, 7.5 and 7.4. (Canadian Dividend All-Star List)

Since I own 120 shares of RY, this will increase my portfolio's projected annual net dividend income by $ 8.11.

This increase raises my YOC to 5.70%.

Summary of 2020 Dividend Increases / Cuts

Click here to see my portfolio holdings.

You can follow the development of my dividends here.

Full Disclosure: Long RY

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