FY2023 EPS Estimates for Royal Bank of Canada (TSE:RY) Increased by Analyst

Royal Bank of Canada (TSE:RY – Get Rating) (NYSE:RY) – Research analysts at Cormark lifted their FY2023 earnings per share (EPS) estimates for Royal Bank of Canada in a research note issued on Tuesday, May 23rd. Cormark analyst L. Persaud now expects that the financial services provider will post earnings of $11.69 per share for the year, up from their previous forecast of $11.67. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $11.55 per share. Cormark also issued estimates for Royal Bank of Canada’s FY2024 earnings at $12.41 EPS.

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

A number of other research analysts have also weighed in on the company. Barclays lowered Royal Bank of Canada from an “overweight” rating to an “underperform” rating and dropped their price objective for the stock from C$151.00 to C$124.00 in a report on Tuesday, May 9th. Fundamental Research set a C$140.25 price objective on Royal Bank of Canada and gave the stock a “buy” rating in a report on Tuesday, March 14th. National Bank Financial dropped their price objective on Royal Bank of Canada from C$145.00 to C$142.00 in a report on Thursday, May 18th. CIBC lowered Royal Bank of Canada from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from C$147.00 to C$142.00 in a report on Tuesday, May 16th. Finally, Veritas Investment Research reaffirmed a “buy” rating on shares of Royal Bank of Canada in a report on Monday, February 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Royal Bank of Canada presently has an average rating of “Moderate Buy” and an average price target of C$142.20.

Royal Bank of Canada Trading Down 1.8 %

TSE:RY opened at C$121.48 on Thursday. The firm has a market cap of C$168.86 billion, a P/E ratio of 11.56, a PEG ratio of 4.62 and a beta of 0.74. The stock’s 50 day simple moving average is C$130.14 and its 200-day simple moving average is C$132.25. Royal Bank of Canada has a 12-month low of C$116.75 and a 12-month high of C$140.18.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Wednesday, July 26th will be given a $1.35 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.32. This represents a $5.40 annualized dividend and a dividend yield of 4.45%. Royal Bank of Canada’s dividend payout ratio is currently 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.