There’s no denying it. We now live in a new age where our systems and processes have been fundamentally altered by the effects of the novel coronavirus. One change that we have seen in the short-term is a volatile Stock market that has been moving in an unpredictable fashion. While some may have the stomach to watch their savings bounce up and down each day, others may wish to seek out options that will limit the big swings and help them sleep better at night. If that sounds like you, then the Royal Bank of Canada (TSX:RY) is a stock that you will want to carry in your portfolio.

Currently, the Royal Bank (RBC) has a market cap of $133.51 billion and is trading at $93.80 a share (as of market close August 5th), down from a pre-COVID 52-week high of $109.68. The company offers a vast array of personal and commercial banking services and is one of the most established banks in the country. Founded in 1864, the company has its headquarters in Toronto, Ontario, and has a price/earnings ratio of 12.02.

RBC was previously the most highly valued company on the TSX, but it has now been passed by Canadian tech giant Shopify. This does not neccisarly spell bad news for RBC as they offer a less speculative investment option and one that has a much longer track record of success.

One of the most attractive qualities of the RBC stock is the Dividend that it pays out. The dividend yield is currently 4.61% which should attract many investors who are looking for consistent, high-yielding dividends from a financially strong company. The dividend has a consistent growth streak of multiple years and even if COVID does throw a wrench in that growth, RBC can be trusted as a strong dividend company and investors can be ensured that they will make strong attempts to keep that dividend growing.

This dividend is an “eligible dividend” which will help Canadians with their dividend tax credit when it comes to that time of the year. Only individuals are eligible for this tax credit.

In the past five years, the bank has performed strongly with a five-year average revenue growth of 9.98% and an average profit growth of 7.62% over that same time period. It clearly is a strong financial company that can provide growth on top of the consistent dividends and safety it offers.

While RBC is an older company, do not get that mixed up with them being behind the times. The company continues to be a leader in the financial industry with moves like their recent solar-power deal with BluEarth Renewables Inc. The deal will see RBC be the first financial institution to make this commitment to clean energy and shows that they are still at the forefront of development.

Overall, the size and strength of a long-standing company like the Royal Bank of Canada make the stock a great option to be a core piece of any portfolio, but especially one which is searching for a stable stock that can be counted on for the long-term. The dividend that has shown strong consistent growth, as well as will help come tax time will help when other equities are on the downturn.

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