Royal Bank of Canada (NYSE:RY) to Post Q4 2022 Earnings of $2.23 Per Share, Cormark Forecasts
Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) – Research analysts at Cormark dropped their Q4 2022 earnings per share estimates for shares of Royal Bank of Canada in a research note issued to investors on Friday, August 19th. Cormark analyst L. Persaud now forecasts that the financial services provider will post earnings of $2.23 per share for the quarter, down from their prior estimate of $2.24. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.78 per share.
Other research analysts have also issued research reports about the company. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Thursday. Keefe, Bruyette & Woods lowered Royal Bank of Canada from a “market perform” rating to an “underperform” rating and lowered their price target for the company from C$132.00 to C$118.00 in a research report on Monday, August 8th. Scotiabank reduced their target price on Royal Bank of Canada from C$147.00 to C$144.00 in a report on Thursday. TD Securities reduced their target price on Royal Bank of Canada from C$150.00 to C$145.00 in a report on Friday, May 27th. Finally, National Bank Financial reduced their target price on Royal Bank of Canada from C$148.00 to C$147.00 in a report on Tuesday, August 16th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $140.66.
Royal Bank of Canada Trading Down 0.9 %
RY opened at $99.30 on Monday. The business has a 50 day simple moving average of $97.03 and a two-hundred day simple moving average of $103.58. The firm has a market capitalization of $138.48 billion, a price-to-earnings ratio of 10.86, a PEG ratio of 2.19 and a beta of 0.87. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.88 and a quick ratio of 0.88. Royal Bank of Canada has a one year low of $90.75 and a one year high of $119.41.
Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last released its earnings results on Thursday, May 26th. The financial services provider reported $2.36 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.28. The company had revenue of $8.86 billion during the quarter. Royal Bank of Canada had a return on equity of 17.97% and a net margin of 28.54%.
Hedge Funds Weigh In On Royal Bank of Canada
Hedge funds and other institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. raised its holdings in Royal Bank of Canada by 2.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 173,341 shares of the financial services provider’s stock worth $19,114,000 after purchasing an additional 4,919 shares during the period. Principal Financial Group Inc. bought a new position in Royal Bank of Canada in the 1st quarter worth $16,895,000. MAI Capital Management raised its holdings in Royal Bank of Canada by 6.7% in the 1st quarter. MAI Capital Management now owns 2,083 shares of the financial services provider’s stock worth $230,000 after purchasing an additional 130 shares during the period. JFS Wealth Advisors LLC raised its holdings in Royal Bank of Canada by 272.4% in the 1st quarter. JFS Wealth Advisors LLC now owns 473 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 346 shares during the period. Finally, First Citizens Bank & Trust Co. raised its holdings in Royal Bank of Canada by 2.6% in the 1st quarter. First Citizens Bank & Trust Co. now owns 8,517 shares of the financial services provider’s stock worth $939,000 after purchasing an additional 212 shares during the period. 41.50% of the stock is owned by institutional investors.
Royal Bank of Canada Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 24th. Stockholders of record on Tuesday, July 26th will be issued a dividend of $0.995 per share. This represents a $3.98 annualized dividend and a dividend yield of 4.01%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, July 25th. Royal Bank of Canada’s dividend payout ratio is presently 43.54%.
About Royal Bank of Canada
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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