Desjardins Weighs in on Royal Bank of Canada’s FY2024 Earnings (NYSE:RY)

Royal Bank of Canada (NYSE:RYFree Report) (TSE:RY) – Equities research analysts at Desjardins reduced their FY2024 EPS estimates for Royal Bank of Canada in a research note issued to investors on Tuesday, February 6th. Desjardins analyst D. Young now anticipates that the financial services provider will post earnings per share of $8.33 for the year, down from their previous estimate of $8.40. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.60 per share.

Royal Bank of Canada (NYSE:RYGet Free Report) (TSE:RY) last issued its quarterly earnings results on Thursday, November 30th. The financial services provider reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.13. Royal Bank of Canada had a net margin of 12.59% and a return on equity of 15.21%. The business had revenue of $9.59 billion for the quarter, compared to analysts’ expectations of $9.63 billion. During the same quarter last year, the company posted $2.09 EPS.

RY has been the topic of a number of other research reports. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Tuesday. Bank of America upgraded shares of Royal Bank of Canada from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $131.50.

Read Our Latest Report on Royal Bank of Canada

Royal Bank of Canada Stock Down 0.3 %

RY opened at $96.76 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $104.72. The firm’s fifty day moving average is $97.95 and its 200 day moving average is $91.69. The stock has a market cap of $136.32 billion, a price-to-earnings ratio of 12.42, a price-to-earnings-growth ratio of 1.86 and a beta of 0.87.

Institutional Trading of Royal Bank of Canada

Large investors have recently made changes to their positions in the business. Banque Cantonale Vaudoise bought a new stake in shares of Royal Bank of Canada in the 3rd quarter worth about $26,000. Optiver Holding B.V. bought a new stake in shares of Royal Bank of Canada in the 2nd quarter worth about $29,000. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in shares of Royal Bank of Canada in the 3rd quarter worth about $34,000. Money Concepts Capital Corp bought a new stake in shares of Royal Bank of Canada in the 4th quarter worth about $38,000. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of Royal Bank of Canada in the 3rd quarter worth about $44,000. 42.02% of the stock is currently owned by institutional investors.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Thursday, January 25th will be issued a $1.0155 dividend. The ex-dividend date of this dividend is Wednesday, January 24th. This represents a $4.06 dividend on an annualized basis and a yield of 4.20%. Royal Bank of Canada’s dividend payout ratio is currently 51.09%.

Royal Bank of Canada Company Profile

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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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Earnings History and Estimates for Royal Bank of Canada (NYSE:RY)

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