Synthetic DRIP Prices - Comparison of the Discount Brokers

Feb 9th, 2023 2:05 pm

#1

cba123 [OP]: Deal Addict; Jun 8, 2004; 2143 posts; 1274 upvotes; Oakville

Feb 9th, 2023 2:05 pm

Synthetic DRIP Prices - Comparison of the Discount Brokers

From this other thread, we found that there was a difference in the Q4/22 DRIP price for BNS shares between 3 different brokers.

65.0420 from CIBC Investor’s Edge
66.1375 from TD Direct Investing
66.1386 from Scotia iTrade

So, it would be interesting to compare (crowdsource) the DRIP prices for the past 5 quarters from each brokerage for the various stocks to determine whether any brokerage is consistently favourable vs another in terms of processing their synthetic DRIPs with better DRIP prices.

When posting your DRIP data, please specify which brokerage the prices are from, and format your DRIP data, using the [ Code ] [ /Code ] tags.

Code: Select all

CIBC Investor's Edge
         Q1/22      Q2/22      Q3/22      Q4/22      Q1/23
      --------   --------   --------   --------   --------
T      29.1880    31.6234    28.1875    27.3503    25.8793 
NTR    71.2700   109.4610    75.5900   110.8700    74.9490 
BCE    66.1230    72.8820    63.9780    58.1270    61.6880 
BNS    88.9770    84.3640    75.7390    65.0420    69.9250 
CM     80.7265    72.0360    63.2090    60.8510    57.2593 
NA     99.4900    90.5000    89.2670    91.8100    99.7713 
TD    100.9170    93.0590    80.6633    85.4672    88.6797 
RY    141.6560   126.5710   127.4290   134.4350   134.8440
BMO   142.0608   129.3639   128.5093   129.4168   128.5211

Note: CM DRIP has been adjusted for 2:1 stock split for Q1/22 and Q2/22, and NTR is in USD.
Table updated 3/7/2023 to add. RY and BMO Q1/23 DRIP prices

Last edited by cba123 on Mar 7th, 2023 2:23 pm, edited 1 time in total.

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Feb 9th, 2023 3:50 pm

#2

WHO: Deal Fanatic; Feb 17, 2007; 6145 posts; 2379 upvotes; Mort Réal

Feb 9th, 2023 3:50 pm

You beat me to it. There's also a pretty substantial difference in delays in some cases. For instance, the iTrade DRIP for BNS dated 1/27 was only done 2/7

Code: Select all

Scotia iTrade
         Q1/22      Q2/22      Q3/22      Q4/22      Q1/23
      --------   --------   --------   --------   --------
BCE   --------   --------   --------   59.0669    62.3053 
BNS   --------   --------   --------   66.1386    71.1836 
NPI    --------   --------   --------   -------- 37.0710* 
TRP   --------   --------   --------   --------  56.1177

*monthly dividend

I recently started DRIP on BMO, CU and RY with them (iTrade) so I'll eventually have Q1 values

Last edited by WHO on Feb 24th, 2023 7:56 pm, edited 1 time in total.

I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.

Feb 10th, 2023 10:51 am

#3

ertyu: Member; Nov 29, 2001; 252 posts; 114 upvotes

Feb 10th, 2023 10:51 am

I have VCN on syn-DRIP at BMO IL and Scotia iTrade. I previously compared the prices I was getting. I don't have the exact data on hand, but it was something like 90% of the time Scotia bought at a lower price than BMO. Thats on top of the delay with BMO. Scotia has it completed by the day after the dividend, while BMO takes a week or more.

+1

Feb 24th, 2023 1:43 pm

#4

WHO: Deal Fanatic; Feb 17, 2007; 6145 posts; 2379 upvotes; Mort Réal

Feb 24th, 2023 1:43 pm

2nd monthly DRIP (2/15) with NPI at iTrade was performed on2/22 @ 32.5151 / share.

I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.

Feb 24th, 2023 2:08 pm

#5

zzricezz: Deal Addict; Feb 4, 2003; 3421 posts; 1864 upvotes

Feb 24th, 2023 2:08 pm

HSBC InvestDirect

Feb 2023
EMA 52.48
EIF 52.065
FN 39.08
HCAL 22.708
POW 36.08
CP 105.16

Jan 2023
TD 88.68
TRP 56.118
FN 38.04
AQN 9.244
HCAL 20.798

+1

Feb 27th, 2023 10:02 am

#6

krwilson: Member; Sep 4, 2008; 338 posts; 223 upvotes

Feb 27th, 2023 10:02 am

Scotia iTrade

March 2023

ENB $51.62441
ZWC $17.73
REI $21.65989

February 2023

HYLD $12.0888
BNS $71.1836
REI $22.52
TD $88.6798
BMAX $12.94

January 2023

CPX $44.54
HYLD $12.20
REI $21.67450
T $25.8793
CNQ $71.9422

Last edited by krwilson on Mar 8th, 2023 12:55 pm, edited 3 times in total.

+1

Mar 2nd, 2023 8:34 am

#7

WHO: Deal Fanatic; Feb 17, 2007; 6145 posts; 2379 upvotes; Mort Réal

Mar 2nd, 2023 8:34 am

CU @ 36.13310 on 3/1

Still iTrade.

I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.

Mar 2nd, 2023 10:49 am

#8

Gingercookie: Deal Addict; Jan 23, 2011; 1607 posts; 2507 upvotes

Mar 2nd, 2023 10:49 am

At CIBC IE:

Mar 2, 2023 RY $134.844 (has 2% discount)
Mar 2, 2023 ENB $51.7612

+2

Mar 4th, 2023 5:08 pm

#9

Gingercookie: Deal Addict; Jan 23, 2011; 1607 posts; 2507 upvotes

Mar 4th, 2023 5:08 pm

At CIBC IE:

Mar 3, 2023 FTS $53.579 (has 2% discount)

+1

Mar 4th, 2023 10:57 pm

#10

zzricezz: Deal Addict; Feb 4, 2003; 3421 posts; 1864 upvotes

Mar 4th, 2023 10:57 pm

I notice HSBC drip doesn't add up.

ie.

DRIP - BANK OF MONTREAL / VALUE = 899.65
FRACT - BANK OF MONTREAL = 18.71
899.65+18.71 = 918.36
but my dividend was
DIV - BANK OF MONTREAL = 918.06

When I compare the book cost, they used 899.65 so I pocket an extra 30cents?

here is another one

DRIP - EMERA INCORPORATED / VALUE = 472.36
FRACT - EMERA INCORPORATED = 18.32
DRIP - EMERA INCORPORATED = 489.90
a difference of 0.78

Mar 5th, 2023 12:03 am

#11

aronpm: Member; Jan 5, 2015; 335 posts; 486 upvotes; Toronto, ON

Mar 5th, 2023 12:03 am

CIBC IE:

Mar. 03, 2023 BMO $128.5211

+1

Mar 6th, 2023 1:53 pm

#12

WHO: Deal Fanatic; Feb 17, 2007; 6145 posts; 2379 upvotes; Mort Réal

Mar 6th, 2023 1:53 pm

iTrade's DRIP of

BMO (as of 2/28) was reinvested on 3/3 at 128.5211 (incl 2% discount)

Same as CIBC IE.

I can't afford to buy cheap stuff. Therefore, I'm thirsty for deals on durable goods.

+1

Mar 6th, 2023 4:22 pm

#13

TimH87: Newbie; Apr 21, 2020; 57 posts; 48 upvotes

Mar 6th, 2023 4:22 pm

Gingercookie wrote: ↑ At CIBC IE:

Mar 2, 2023 RY $134.844 (has 2% discount)
Mar 2, 2023 ENB $51.7612

My Enbridge drip with TD was at 51.86.

Mar 6th, 2023 5:51 pm

#14

Gingercookie: Deal Addict; Jan 23, 2011; 1607 posts; 2507 upvotes

Mar 6th, 2023 5:51 pm

TimH87 wrote: ↑ My Enbridge drip with TD was at 51.86.

Having slight differences amongst the brokers is to be expected. They have varying policies as to when they buy for the drip.

This is CIBC IE's drip policy that they "typically do so". Do they do it in the morning at the open, during lunch, or at the close? Who knows... All I know is they are one of the quicker ones at completing the drip transaction.

If CIBC Investor’s Edge reinvests dividends under the Dividend re-investment plan, it will typically do so at the market price on the applicable stock exchange 3 business days prior to the dividend payable date. Purchases of US securities are made net of withholding tax.

Mar 7th, 2023 10:49 am

#15

Gingercookie: Deal Addict; Jan 23, 2011; 1607 posts; 2507 upvotes

Mar 7th, 2023 10:49 am

At Desjardins Disnat:

Mar 3, 2023 BMO $128.52 (has 2% discount) *Drip price is identical to two posters above who hold BMO in CIBC IE and Scotia iTrade

At CIBC IE:

Mar 6, 2023 MRU $70.29

+1

Mar 11th, 2023 8:55 am

#16

kfactor08: Newbie; Dec 25, 2012; 49 posts; 19 upvotes; Toronto

Mar 11th, 2023 8:55 am

Anyone noticed that CIBC drips at higher prices than Scotia for the same stock?

Mar 11th, 2023 4:00 pm

#17

zzricezz: Deal Addict; Feb 4, 2003; 3421 posts; 1864 upvotes

Mar 11th, 2023 4:00 pm

kfactor08 wrote: ↑ Anyone noticed that CIBC drips at higher prices than Scotia for the same stock?

yup, i notice this before that CIBC always seems to drip higher than other brokerages.

Mar 12th, 2023 12:46 pm

#18

oriley: Jr. Member; Nov 15, 2011; 139 posts; 111 upvotes; SW Ontario

Mar 12th, 2023 12:46 pm

RBC Direct Investing:
March
Enb $51.70
REI.UN $21.99
BMO $128.52
FTS $53.58

Mar 12th, 2023 12:48 pm

#19

dmehus: Deal Addict; Mar 25, 2012; 2875 posts; 1865 upvotes; Kelowna

Mar 12th, 2023 12:48 pm

This is superfluous noise, and doesn't make a whiff of a difference in returns over the really long term.

Mar 12th, 2023 12:50 pm

#20

dmehus: Deal Addict; Mar 25, 2012; 2875 posts; 1865 upvotes; Kelowna

Mar 12th, 2023 12:50 pm

zzricezz wrote: ↑ HSBC InvestDirect

Feb 2023
EMA 52.48
EIF 52.065
FN 39.08
HCAL 22.708
POW 36.08
CP 105.16

Jan 2023
TD 88.68
TRP 56.118
FN 38.04
AQN 9.244
HCAL 20.798

Irrelevant and flawed. HSBC InvestDirect does not execute trades directly; they use National Bank Independent Network as their back-end. As well, within twelve months or so, they'll be folded up and out of business, as their book of business is transferred to and combined with RBC Dominion Securities' RBC Direct Investing book of business.

Synthetic DRIP Prices - Comparison of the Discount Brokers

Synthetic DRIP Prices - Comparison of the Discount Brokers

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