Hi everyone I hope you are all well and getting a chance to enjoy summer. Today’s post is going to take a look back at last week. Last week turned out to be a busy week for my portfolio. Last Tuesday as you know I purchased Transcontinental here is the link to that post. After that though I made three more purchases and one sell, also I made a decision in regards to my Tax Free Savings Account which I think will help grow the account quicker.
Yes the drip (dividend re-investment plan) folks, on Wednesday July 10th I contacted my brokerage and asked them to turn on the drip for every stock in my Tax Free Savings Account. As you know over the last couple of years I have turned the drip on and off as I wasn’t able to make up my mind. I have chose to turn it on because I believe this will help grow my dividend income quicker in the years ahead. It is my goal double, triple and quadruple this account over the next few years.
I don’t think I will be able to drip any new shares in July so it should start in August 🙂
On July 11th I purchased 70 shares of Diversified Royalty Corp for my Locked In Retirement Account. I decided to add to my position within this company has I had some money available and wanted to put it to work for me. The company pays a monthly dividend of $0.0185 so this purchase will boost my income by $1.29 per month and $15.48 annually.
On July 12th I decided to sell my 42 shares in Alimentation Couche-Tard and take my 39% profit that I had since I first started buying the shares. I really like the company and maybe in the future I will buy their shares again. I sold because I wanted to invest in two of my bank stocks. I gave up capital appreciation for dividend growth.
The first stock that I used the proceeds on from Couche-Tard sale is the Bank of Montreal I purchased an additional 20 shares. BMO is one of the very first stocks I purchased when I started buying individual stocks. I am very happy to have been able to buy more shares. BMO pays a quarterly dividend of $1.03 per share. With this purchase my quarterly income will increase $20.60 and annually by $82.40.
The second buy from the Couche-Tard sale is Royal Bank of Canada. Royal Bank is also one of the very first stocks that I bought and I am always happy to buy more shares in this bank. On July 12th I was able to buy an additional 19 shares. Royal Bank of Canada pays a quarterly dividend of $1.02 and these new shares will boost my quarterly income by $19.38 and annually by $77.52.
After all these transactions my forward dividend income now stands at $7,690.
Well fellow investors what do you think of my decisions? Please feel free to let me know.
Thanks for reading!