TORONTO, Feb. 28, 2024 /CNW/ - Royal Bank of Canada (TSX:RY) (NYSE:RY) announced today that its board of directors has declared a quarterly common share dividend of $1.38 per share, payable on and after May 24, 2024, to common shareholders of record at the close of business on April 25, 2024.

The board also declared dividends for the following Non-Cumulative First Preferred Shares, payable on and after May 24, 2024, to shareholders of record at the close of business on April 25, 2024.

Series AZ Dividend No. 41 of $0.23125 per share.
Series BB Dividend No. 40 of $0.228125 per share.
Series BD Dividend No. 37 of $0.20 per share.
Series BF Dividend No. 36 of $0.1875 per share.
Series BH Dividend No. 35 of $0.30625 per share.
Series BI Dividend No. 35 of $0.30625 per share.
Series BO Dividend No. 22 of $0.3678125 per share.

In lieu of receiving their dividends in cash, holders of the Bank's common and preferred shares who reside in Canada and holders of common shares who reside in the United States may elect to have their dividends reinvested in additional common shares of the Bank, in accordance with the Bank's Dividend Reinvestment Plan (the "Plan").

Under the Plan, the Bank is entitled to determine whether the additional common shares are purchased in the secondary market by the agent for the Plan or issued from treasury. For the May 24, 2024 dividend and for future dividends declared until further notice, the Bank has decided to purchase common shares in the secondary market with no discount from the Average Market Price (as defined in the Plan). Most recently, the common shares received by participants under the Plan were issued from treasury at a 2% discount from the Average Market Price.

Registered holders of record residing in Canada or the United States who wish to participate in the Plan can obtain an enrollment form from the Bank's Plan agent, Computershare Trust Company of Canada, from their website at www.investorcentre.com/rbc, or by calling 1-866-586-7635. Eligible beneficial or non-registered holders of the Bank's common and preferred shares must contact their financial institution or broker if they wish to participate in the Plan.

In order to participate in the Plan in time for the May 24, 2024 dividend payment date, enrollment forms from registered holders must be received by Computershare Trust Company of Canada at 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Y1 before the close of business on April 25, 2024. All shareholders considering enrollment in the Plan should carefully review the terms of the Plan and consult with their advisors as to the implications of enrollment in the Plan.

Registered participants in the Plan who would prefer to receive a cash dividend rather than reinvest their dividends on and after May 24, 2024 may terminate their participation in the Plan by delivering written notice to Computershare Trust Company of Canada at the above address by no later than April 25, 2024. Beneficial or non-registered participants in the Plan should contact their financial institution or broker in advance of April 25, 2024 for instructions on how to terminate participation in the Plan so that the May 24, 2024 dividend is not reinvested in common shares.

SOURCE Royal Bank of Canada

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Royal Bank of Canada declares dividends