Royal Bank of Canada (TSE:RY) Announces Quarterly Earnings Results

Royal Bank of Canada (TSE:RY – Get Rating) (NYSE:RY) issued its earnings results on Thursday. The financial services provider reported C$2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of C$2.67 by C$0.32, reports. The business had revenue of C$11.22 billion for the quarter.

RY opened at C$130.95 on Friday. Royal Bank of Canada has a 52-week low of C$123.70 and a 52-week high of C$149.60. The firm has a market capitalization of C$185.51 billion and a PE ratio of 11.65. The business’s 50-day simple moving average is C$133.53 and its 200 day simple moving average is C$136.34.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 24th. Stockholders of record on Tuesday, July 26th will be issued a $1.28 dividend. This represents a $5.12 dividend on an annualized basis and a dividend yield of 3.91%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Monday, July 25th. Royal Bank of Canada’s payout ratio is 39.50%.

In other news, Senior Officer Helena Gottschling sold 404 shares of the stock in a transaction dated Friday, April 22nd. The shares were sold at an average price of C$135.38, for a total value of C$54,692.51. Following the completion of the transaction, the insider now owns 1,373 shares of the company’s stock, valued at C$185,873.31. Also, Director David Ian Mckay sold 4,077 shares of the company’s stock in a transaction dated Friday, April 22nd. The stock was sold at an average price of C$135.27, for a total value of C$551,490.90. Following the completion of the transaction, the director now directly owns 5,873 shares of the company’s stock, valued at approximately C$794,433.66. In the last 90 days, insiders sold 12,635 shares of company stock worth $1,704,690.

RY has been the subject of a number of recent research reports. Fundamental Research reduced their price target on shares of Royal Bank of Canada from C$152.07 to C$151.16 and set a “buy” rating for the company in a research report on Monday, March 7th. National Bankshares raised their target price on shares of Royal Bank of Canada from C$147.00 to C$148.00 and gave the stock an “outperform” rating in a research note on Friday. Canaccord Genuity Group raised their price target on shares of Royal Bank of Canada from C$131.50 to C$134.00 in a report on Friday. Scotiabank dropped their price target on shares of Royal Bank of Canada from C$150.00 to C$147.00 in a research note on Friday, May 20th. Finally, TD Securities decreased their price objective on shares of Royal Bank of Canada from C$150.00 to C$145.00 and set a “buy” rating for the company in a research report on Friday. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of C$146.78.

Royal Bank of Canada Company Profile (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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