Cormark Equities Analysts Increase Earnings Estimates for Royal Bank of Canada (NYSE:RY)

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) – Equities researchers at Cormark lifted their FY2023 EPS estimates for Royal Bank of Canada in a research note issued to investors on Tuesday, May 23rd. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings of $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.

Other equities analysts have also issued reports about the company. Desjardins boosted their price objective on Royal Bank of Canada from C$145.00 to C$147.00 in a research report on Tuesday, February 7th. StockNews.com assumed coverage on Royal Bank of Canada in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. CIBC cut Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a research note on Tuesday, May 16th. Finally, Barclays lowered Royal Bank of Canada from an “overweight” rating to an “underweight” rating in a report on Tuesday, May 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $138.33.

Royal Bank of Canada Price Performance

Royal Bank of Canada stock opened at $89.10 on Thursday. The firm has a market capitalization of $123.91 billion, a P/E ratio of 11.07, a PEG ratio of 1.66 and a beta of 0.82. Royal Bank of Canada has a 1 year low of $83.63 and a 1 year high of $106.43. The business has a 50-day moving average of $96.24 and a 200-day moving average of $97.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last announced its quarterly earnings data on Wednesday, March 1st. The financial services provider reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.09. The firm had revenue of $11.21 billion during the quarter, compared to analyst estimates of $9.67 billion. Royal Bank of Canada had a return on equity of 16.17% and a net margin of 18.77%.

Institutional Trading of Royal Bank of Canada

Several large investors have recently bought and sold shares of RY. Norges Bank acquired a new stake in Royal Bank of Canada in the fourth quarter valued at about $1,583,609,000. National Bank of Canada FI raised its position in Royal Bank of Canada by 269.3% in the fourth quarter. National Bank of Canada FI now owns 17,293,538 shares of the financial services provider’s stock valued at $1,625,202,000 after purchasing an additional 12,610,726 shares during the last quarter. Toronto Dominion Bank raised its position in Royal Bank of Canada by 28.0% in the third quarter. Toronto Dominion Bank now owns 18,405,848 shares of the financial services provider’s stock valued at $1,660,282,000 after purchasing an additional 4,031,170 shares during the last quarter. Bank of Nova Scotia raised its position in Royal Bank of Canada by 11.0% in the fourth quarter. Bank of Nova Scotia now owns 24,144,366 shares of the financial services provider’s stock valued at $2,269,999,000 after purchasing an additional 2,392,959 shares during the last quarter. Finally, Canoe Financial LP bought a new position in Royal Bank of Canada in the first quarter valued at about $153,411,000. 41.19% of the stock is owned by institutional investors and hedge funds.

Royal Bank of Canada Increases 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 $0.992 dividend. The ex-dividend date of this dividend was Monday, April 24th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.98. This represents a $3.97 annualized dividend and a yield of 4.45%. Royal Bank of Canada’s dividend payout ratio (DPR) is 48.45%.

About Royal Bank of Canada

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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.