Royal Bank of Canada (NYSE:RY) Declares Dividend Increase – $1.00 Per Share

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) announced a quarterly dividend on Thursday, May 26th, Zacks reports. Stockholders of record on Tuesday, July 26th will be paid a dividend of 0.995 per share by the financial services provider on Wednesday, August 24th. This represents a $3.98 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date of this dividend is Monday, July 25th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.94.

Royal Bank of Canada has raised its dividend by an average of 6.4% annually over the last three years. Royal Bank of Canada has a payout ratio of 40.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Royal Bank of Canada to earn $9.27 per share next year, which means the company should continue to be able to cover its $3.81 annual dividend with an expected future payout ratio of 41.1%.

Shares of Royal Bank of Canada stock opened at $100.69 on Friday. Royal Bank of Canada has a 12-month low of $95.02 and a 12-month high of $119.41. The company has a market cap of $141.32 billion, a price-to-earnings ratio of 11.20, a PEG ratio of 2.06 and a beta of 0.90. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. The company’s 50-day moving average price is $105.41 and its 200-day moving average price is $107.37.

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last announced its quarterly earnings results on Thursday, February 24th. The financial services provider reported $2.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.13. Royal Bank of Canada had a net margin of 28.16% and a return on equity of 18.28%. The firm had revenue of $10.37 billion for the quarter. On average, sell-side analysts predict that Royal Bank of Canada will post 8.67 earnings per share for the current year.

Several large investors have recently made changes to their positions in RY. Ancora Advisors LLC purchased a new position in Royal Bank of Canada during the 1st quarter worth $89,000. Paradigm Financial Partners LLC acquired a new stake in shares of Royal Bank of Canada during the 4th quarter worth approximately $215,000. Atria Wealth Solutions Inc. acquired a new stake in shares of Royal Bank of Canada during the 1st quarter worth approximately $221,000. Engineers Gate Manager LP acquired a new stake in Royal Bank of Canada in the 1st quarter valued at $246,000. Finally, Cresset Asset Management LLC acquired a new stake in Royal Bank of Canada in the 1st quarter valued at $247,000. Institutional investors and hedge funds own 41.50% of the company’s stock.

A number of equities research analysts recently weighed in on RY shares. Canaccord Genuity Group downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating and raised their target price for the company from $141.00 to $148.00 in a research note on Monday, February 7th. Credit Suisse Group started coverage on shares of Royal Bank of Canada in a research note on Friday, May 20th. They issued an “outperform” rating on the stock. Stifel Nicolaus lowered their target price on shares of Royal Bank of Canada from C$152.00 to C$150.00 in a research note on Friday, April 8th. Zacks Investment Research downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, February 25th. Finally, Canaccord Genuity Group downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating and lifted their price target for the stock from $141.00 to $148.00 in a research note on Monday, February 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $143.13.

About Royal Bank of Canada (Get Rating)

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.

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