Royal Bank of Canada Announces C$1.76 Quarterly Dividend Payment

Royal Bank of Canada (NYSE: RY) has declared a quarterly dividend of C$1.76. The financial services provider will pay this dividend to investors who are recorded on Monday, October 26th.

The ex-dividend date is also set for Monday, October 26th, with the payment happening on Tuesday, November 24th. This represents an annualized yield of 3.4% and a payout ratio of 48.6%, meaning its dividend is sufficiently covered by earnings.

Over the last three years, Royal Bank of Canada has increased its dividend by an average of 0.1% annually. The company has also raised its dividend for 15 consecutive years. Analysts expect the bank to earn $12.63 per share next year, which means it should continue to be able to cover its annual dividend with a future payout ratio of 39.2%.