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

Royal Bank of Canada (NYSE:RYGet 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 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend is Monday, July 25th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.94.

Royal Bank of Canada has increased its dividend by an average of 6.4% annually over the last three years. Royal Bank of Canada has a dividend 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 NYSE:RY opened at $100.69 on Friday. 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 firm’s 50-day simple moving average is $105.41 and its 200-day simple moving average is $107.37. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a fifty-two week low of $95.02 and a fifty-two week high of $119.41.

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) last issued its earnings results on Thursday, February 24th. The financial services provider reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.13. The business had revenue of $10.37 billion for the quarter. Royal Bank of Canada had a net margin of 28.16% and a return on equity of 18.28%. On average, research analysts forecast that Royal Bank of Canada will post 8.67 EPS for the current year.

RY has been the topic of a number of research analyst reports. Credit Suisse Group initiated coverage on shares of Royal Bank of Canada in a report on Friday, May 20th. They set an “outperform” rating on the stock. StockNews.com initiated coverage on shares of Royal Bank of Canada in a report on Thursday, March 31st. They set a “hold” rating on the stock. CIBC raised shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a report on Monday, April 11th. Stifel Nicolaus decreased their price objective on shares of Royal Bank of Canada from C$152.00 to C$150.00 in a report on Friday, April 8th. Finally, Canaccord Genuity Group downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $141.00 to $148.00 in a report on Monday, February 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Royal Bank of Canada has an average rating of “Buy” and an average target price of $143.13.

Several large investors have recently made changes to their positions in the company. Vident Investment Advisory LLC boosted its holdings in Royal Bank of Canada by 1.1% in the first quarter. Vident Investment Advisory LLC now owns 9,935 shares of the financial services provider’s stock valued at $1,095,000 after acquiring an additional 105 shares during the last quarter. Laurel Wealth Advisors Inc. boosted its holdings in Royal Bank of Canada by 6.3% in the first quarter. Laurel Wealth Advisors Inc. now owns 2,284 shares of the financial services provider’s stock valued at $252,000 after acquiring an additional 135 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Royal Bank of Canada by 1.1% during the first quarter. International Assets Investment Management LLC now owns 17,458 shares of the financial services provider’s stock worth $158,000 after purchasing an additional 188 shares in the last quarter. Stifel Financial Corp lifted its stake in shares of Royal Bank of Canada by 0.8% during the fourth quarter. Stifel Financial Corp now owns 32,484 shares of the financial services provider’s stock worth $3,448,000 after purchasing an additional 251 shares in the last quarter. Finally, Belpointe Asset Management LLC increased its position in shares of Royal Bank of Canada by 10.0% during the fourth quarter. Belpointe Asset Management LLC now owns 3,201 shares of the financial services provider’s stock worth $340,000 after acquiring an additional 291 shares during the last quarter. 41.50% of the stock is owned by institutional investors and hedge funds.

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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Dividend History for Royal Bank of Canada (NYSE:RY)

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