There’s nothing like a bad day at work to make the news of dividend increases even more exciting. TD and RBC both increased their dividends today which means my passive dividend income is going up, and that makes me one happy camper. I don’t tell anyone at work anymore because well, they just don’t seem to care. I’ve stopped the lunch time presentations on dividend investing and they seem much happier now. Who would have thought dividend investing was so boring? Not this guy!
Two timing TD
This is the second dividend increase for TD bank this year bringing their total increase into the double digits. Thanks to a $1.7 billion profit, the board of directors thought a nice 7% increase would please investors. The quarterly dividend increased from $0.72 cents to $0.77 cents per share which makes for a total dividend increase of 12.9% this year. Let’s take a look at TD’s dividend history since 2000:
TD’s dividend growth has recovered quite nicely since the bomb of 2009 and was the first major Canadian bank to begin raising its dividend since then. Looks like I’ll be updating my spreadsheets AGAIN tonight. Thanks a lot TD for making my life miserable with all this extra work and slowly making me rich! *shakes fist mockingly*
What the deuce, RBC?!
After a mind blowing quarterly profit of a mere $2.2 billion, the kind board of directors decided to pass on some lovin’ to the wise shareholders and increased the dividend by 5.3%. The quarterly dividend increased from $0.57 cents to $0.60 cents for a yearly dividend of $2.40 per share. Now, thanks to a previous dividend increase in March, RBC’s total dividend increase for 2012 is 11.3%. Let’s take a look at RBC’s dividend history:
Since a slight plateau from 2008-2010, RBC’s dividend growth has regained its momentum and is going strong now. I picked up more RY when it dipped to $43 a share and I’d like to thank all of the bandwagon speculators for selling me their shares for cheap. My ever-increasing passive income thanks you too!
Oh yeah, CIBC too…
CIBC increased its dividend by 4.4% as well today making it a memorable week for banks raising their dividends at the same time. I don’t own any shares but don’t take it personally, CIBC. I don’t want to be too heavy in financials so someone had to sit out. BMO might be joining you too if they keep skimping out on their dividends. *Stern look at BMO*
