Royal Bank of Canada (TSE:RY) to Post Q1 2024 Earnings of $2.70 Per Share, Desjardins Forecasts

Royal Bank of Canada (TSE:RYFree Report) (NYSE:RY) – Desjardins increased their Q1 2024 earnings estimates for shares of Royal Bank of Canada in a report released on Tuesday, February 6th. Desjardins analyst D. Young now expects that the financial services provider will post earnings of $2.70 per share for the quarter, up from their previous estimate of $2.68. Desjardins currently has a “Buy” rating and a $142.00 price target on the stock. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $11.34 per share. Desjardins also issued estimates for Royal Bank of Canada’s FY2024 earnings at $11.25 EPS.

Other equities research analysts also recently issued research reports about the company. Canaccord Genuity Group set a C$142.00 target price on Royal Bank of Canada and gave the stock a “buy” rating in a report on Monday, December 18th. CIBC cut their price objective on shares of Royal Bank of Canada from C$129.00 to C$128.00 and set a “neutral” rating for the company in a report on Wednesday, November 22nd. Bank of America raised shares of Royal Bank of Canada from a “neutral” rating to a “buy” rating and raised their target price for the stock from C$130.00 to C$146.00 in a report on Monday, December 18th. BMO Capital Markets boosted their price target on Royal Bank of Canada from C$132.00 to C$140.00 and gave the company a “market perform” rating in a research note on Friday, December 1st. Finally, Scotiabank raised their price objective on Royal Bank of Canada from C$133.00 to C$140.00 and gave the stock a “sector perform” rating in a research note on Wednesday, December 20th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of C$136.15.

Read Our Latest Report on RY

Royal Bank of Canada Price Performance

RY opened at C$130.20 on Thursday. The business has a fifty day simple moving average of C$131.41 and a 200 day simple moving average of C$123.93. Royal Bank of Canada has a 1 year low of C$107.92 and a 1 year high of C$140.18. The company has a market capitalization of C$183.58 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 6.86 and a beta of 0.83.

Royal Bank of Canada (TSE:RYGet Free Report) (NYSE:RY) last issued its quarterly earnings data on Thursday, November 30th. The financial services provider reported C$2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$2.64 by C$0.14. The company had revenue of C$13.03 billion during the quarter, compared to analysts’ expectations of C$12.97 billion. Royal Bank of Canada had a return on equity of 13.16% and a net margin of 27.69%.

Insider Buying and Selling at Royal Bank of Canada

In related news, Director David Ian Mckay sold 4,131 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of C$120.85, for a total transaction of C$499,231.35.

Royal Bank of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Thursday, January 25th will be paid a $1.38 dividend. The ex-dividend date is Wednesday, January 24th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.35. This represents a $5.52 annualized dividend and a yield of 4.24%. Royal Bank of Canada’s dividend payout ratio (DPR) is 52.57%.

About Royal Bank of Canada

(Get Free Report)

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 (TSE:RY)

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