Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) – Analysts at Cormark raised their FY2023 earnings estimates for Royal Bank of Canada in a note issued to investors on Tuesday, May 23rd. Cormark analyst L. Persaud now forecasts that the financial services provider will earn $8.65 per share for the year, up from their prior forecast of $8.64. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.62 per share. Cormark also issued estimates for Royal Bank of Canada’s FY2024 earnings at $9.18 EPS.
A number of other equities analysts have also issued reports on the company. CIBC lowered Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a research note on Tuesday, May 16th. Barclays downgraded shares of Royal Bank of Canada from an “overweight” rating to an “underweight” rating in a report on Tuesday, May 9th. Desjardins increased their price target on Royal Bank of Canada from C$145.00 to C$147.00 in a research report on Tuesday, February 7th. Finally, StockNews.com started coverage on Royal Bank of Canada in a report on Thursday, May 18th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $138.33.
Royal Bank of Canada Trading Down 2.4 %
Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last released its quarterly earnings results on Wednesday, March 1st. The financial services provider reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.17 by $0.09. The business had revenue of $11.21 billion for the quarter, compared to analyst estimates of $9.67 billion. Royal Bank of Canada had a net margin of 18.77% and a return on equity of 16.17%.
Institutional Investors Weigh In On Royal Bank of Canada
Large investors have recently bought and sold shares of the company. Cerro Pacific Wealth Advisors LLC acquired a new position in Royal Bank of Canada in the 4th quarter valued at $300,000. Boston Trust Walden Corp increased its holdings in shares of Royal Bank of Canada by 33.2% in the fourth quarter. Boston Trust Walden Corp now owns 89,390 shares of the financial services provider’s stock valued at $8,404,000 after purchasing an additional 22,300 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Royal Bank of Canada by 292.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 153,522 shares of the financial services provider’s stock worth $14,432,000 after buying an additional 114,432 shares in the last quarter. Korea Investment CORP grew its holdings in Royal Bank of Canada by 3.6% in the 3rd quarter. Korea Investment CORP now owns 1,133,874 shares of the financial services provider’s stock valued at $102,631,000 after buying an additional 39,058 shares in the last quarter. Finally, Montrusco Bolton Investments Inc. boosted its holdings in Royal Bank of Canada by 4.6% in the 4th quarter. Montrusco Bolton Investments Inc. now owns 1,432,896 shares of the financial services provider’s stock valued at $134,623,000 after purchasing an additional 63,598 shares during the last quarter. 41.19% of the stock is currently owned by hedge funds and other institutional investors.
Royal Bank of Canada Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 24th. Stockholders of record on Tuesday, April 25th were given a $0.992 dividend. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Monday, April 24th. This represents a $3.97 annualized dividend and a dividend yield of 4.36%. Royal Bank of Canada’s dividend payout ratio (DPR) is 48.57%.
About Royal Bank of Canada
Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.
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