Cormark Comments on Royal Bank of Canada’s Q2 2023 Earnings (TSE:RY)

Royal Bank of Canada (TSE:RY – Get Rating) (NYSE:RY) – Stock analysts at Cormark reduced their Q2 2023 earnings per share estimates for Royal Bank of Canada in a research report issued on Tuesday, May 23rd. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings per share of $2.89 for the quarter, down from their previous estimate of $2.94. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $11.55 per share.

Royal Bank of Canada (TSE:RY – Get Rating) (NYSE:RY) last announced its quarterly earnings data on Wednesday, March 1st. The financial services provider reported C$3.05 earnings per share (EPS) for the quarter, topping the consensus estimate of C$2.92 by C$0.13. The business had revenue of C$15.09 billion during the quarter, compared to the consensus estimate of C$13.07 billion. Royal Bank of Canada had a net margin of 29.76% and a return on equity of 14.23%.

Several other research firms also recently weighed in on RY. National Bankshares decreased their price target on shares of Royal Bank of Canada from C$145.00 to C$142.00 in a research note on Thursday, May 18th. Credit Suisse Group cut their price objective on shares of Royal Bank of Canada from C$153.00 to C$151.00 in a report on Thursday, March 2nd. Fundamental Research set a C$140.25 price objective on shares of Royal Bank of Canada and gave the company a “buy” rating in a report on Tuesday, March 14th. Scotiabank cut their price objective on shares of Royal Bank of Canada from C$149.00 to C$146.00 in a report on Friday, February 17th. Finally, CIBC lowered shares of Royal Bank of Canada from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from C$147.00 to C$142.00 in a report on Tuesday, May 16th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$142.20.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock opened at C$123.75 on Wednesday. The company has a 50 day moving average price of C$130.32 and a 200-day moving average price of C$132.32. Royal Bank of Canada has a fifty-two week low of C$116.75 and a fifty-two week high of C$140.18. The company has a market capitalization of C$172.01 billion, a PE ratio of 11.77, a P/E/G ratio of 4.62 and a beta of 0.74.

Royal Bank of Canada Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 24th. Investors of record on Tuesday, April 25th were paid a dividend of $1.32 per share. The ex-dividend date of this dividend was Monday, April 24th. This represents a $5.28 annualized dividend and a yield of 4.27%. Royal Bank of Canada’s dividend payout ratio is presently 50.24%.

Royal Bank of Canada Company Profile

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