Hey folks today I thought I would share with you my latest dividend increase that my portfolio received. This is my first increase from a Canadian bank this year. On February 24, 2017 Royal Bank of Canada (RBC) announced a 5% increase to their dividend.
Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries. The Company’s business segments include Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets. The Company, through its segments, serves various lines of businesses, which include Personal Financial Services, Business Financial Services, Cards and Payment Solutions (Canadian Banking), Caribbean and United States Banking, Canadian Wealth Management, United States and International Wealth Management, Global Asset Management, Canadian Insurance, International Insurance, Corporate and Investment Banking, Global Markets and Other.
(Source: Google Finance)
RBC pays a quarterly dividend, at the end of 2016 the dividend annually was $3.24 a share. On February 24, 2017 increase boosts the the dividend to $0.87 a share from $0.83. This is the first time since 2014 that RBC increased the dividend by $0.04, normally they announce a raise every other quarter of $0.02.
I currently own 77 shares of RBC., I have owned the stock since 2014. Since starting a position in the bank I have received 6 dividend increases. With this announcement my income increases by $12.32.
Congrats to my fellow shareholders keep collecting those dividends.
Stay tuned as my next post will be on a stock purchase 🙂
Thanks for reading.