Wednesday, November 30th the Board of Directors of Royal Bank of Canada (RY) announced a quarterly dividend increase of from C$ 1.28 to C$ 1.32 per share that’s payable February 24, 2023 to holders of record January 26, 2023. This represents a 3.13% increase over the last quarterly dividend.
It is worth noting that this was the second increase this year, in May the dividend rose from C$ 1.20 to C$ 1.28, so the increase over the year is 10%.
With current price C$ 134.67 (yesterday's close), this raise brings their dividend yield to 3.92%.
Royal Bank of Canada is a member of Canadian Dividend All Star List with a 12 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 0.7, 4.6, 5.9 and 7.6 (Canadian Dividend All-Star List)
Since I own 120 shares of RY, this will increase my portfolio's projected annual net dividend income by $10.66.
Taking into account the May increase, I am very pleased with this announcement.
This is the 15th dividend increase I received from RY since initiating a position August 2014. During this period, the quarterly dividend has risen very nicely from $0.71 to $1.32, or 85.9%
This increase raises my YOC to 6.97%.
Summary of 2022 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long RY
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