Royal Bank of Canada Announces Dividend Increase for Shareholders

Royal Bank of Canada (RY)'s board of directors has declared an increase in its quarterly common share dividend


Royal Bank of Canada (RY) has recently made an announcement for its shareholders. The company's board of directors has declared an increase in its quarterly common share dividend, demonstrating the company's commitment to providing value to its investors.

Dividend Increase

The board of directors of Royal Bank of Canada has approved a dividend increase of three cents or two percent for its quarterly common share dividend. The new dividend amount will be $1.35 per share, payable to common shareholders starting from August 24, 2023. Shareholders of record at the close of business on July 26, 2023, will be eligible to receive the increased dividend amount.

Dividends for Non-Cumulative First Preferred Shares

In addition to the common share dividend increase, Royal Bank of Canada has also declared dividends for its Non-Cumulative First Preferred Shares. The following series of preferred shares will receive dividends payable on and after August 24, 2023, to shareholders of record at the close of business on July 26, 2023:

  • Series AZ: Dividend No. 38 of $0.23125 per share.
  • Series BB: Dividend No. 37 of $0.228125 per share.
  • Series BD: Dividend No. 34 of $0.20 per share.
  • Series BF: Dividend No. 33 of $0.1875 per share.
  • Series BH: Dividend No. 32 of $0.30625 per share.
  • Series BI: Dividend No. 32 of $0.30625 per share.
  • Series BO: Dividend No. 19 of $0.30 per share.
  • Series BT: Dividend No. 4 of $21.00 per share.
  • Series C-2: Dividend No. 31 of US$16.875 per share (equivalent to US$0.421875 per related depositary share).

Dividend Reinvestment Plan

Shareholders of Royal Bank of Canada have the option to reinvest their dividends in additional common shares through the company's Dividend Reinvestment Plan (the "Plan"). This allows eligible shareholders in Canada and the United States to choose to receive additional common shares instead of cash dividends.

The company has decided to issue additional shares from treasury at a 2% discount from the Average Market Price, as defined in the Plan. This means that shareholders who participate in the Plan and continue to do so on the August 24, 2023 payment date will automatically benefit from the discount when reinvesting their dividends.

Enrollment and Termination

Registered holders of Royal Bank of Canada's common and preferred shares residing in Canada or the United States who wish to participate in the Dividend Reinvestment Plan can obtain an enrollment form from the Bank's Plan agent, Computershare Trust Company of Canada. The enrollment forms must be received by Computershare Trust Company of Canada before the close of business on July 26, 2023, to be eligible for the August 24, 2023 dividend payment.

Participants in the Plan who prefer to receive a cash dividend instead of reinvesting their dividends can terminate their participation by providing written notice to Computershare Trust Company of Canada by July 26, 2023. Beneficial or non-registered participants should contact their financial institution or broker for instructions on how to terminate participation in the Plan.

Members of LevelFields received the alert of this event on May 25, 6:30 AM ET

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