Brokers Set Expectations for Royal Bank of Canada’s Q2 2023 Earnings (TSE:RY)

Royal Bank of Canada (TSE:RY – Get Rating) (NYSE:RY) – Cormark reduced their Q2 2023 earnings estimates for Royal Bank of Canada in a note issued to investors on Tuesday, May 23rd. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings of $2.89 per share for the quarter, down from their prior forecast of $2.94. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $11.55 per share.

Other equities analysts have also issued reports about the stock. Credit Suisse Group reduced their price target on shares of Royal Bank of Canada from C$153.00 to C$151.00 in a research report on Thursday, March 2nd. Barclays lowered shares of Royal Bank of Canada from an “overweight” rating to an “underperform” rating and reduced their price target for the company from C$151.00 to C$124.00 in a research report on Tuesday, May 9th. National Bank Financial reduced their target price on shares of Royal Bank of Canada from C$145.00 to C$142.00 in a research report on Thursday, May 18th. CIBC lowered shares of Royal Bank of Canada from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from C$147.00 to C$142.00 in a research report on Tuesday, May 16th. Finally, National Bankshares reduced their target price on shares of Royal Bank of Canada from C$145.00 to C$142.00 in a research report on Thursday, May 18th. One equities research 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. Based on data from MarketBeat.com, Royal Bank of Canada has a consensus rating of “Moderate Buy” and a consensus target price of C$142.20.

Royal Bank of Canada Stock Down 1.8 %

TSE:RY opened at C$121.48 on Wednesday. The firm has a market cap of C$168.86 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 4.62 and a beta of 0.74. Royal Bank of Canada has a 12 month low of C$116.75 and a 12 month high of C$140.18. The company’s 50-day moving average price is C$130.14 and its two-hundred day moving average price is C$132.25.

Royal Bank of Canada (TSE:RY – Get Rating) (NYSE:RY) last posted its earnings results on Wednesday, March 1st. The financial services provider reported C$3.05 earnings per share 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 analysts’ expectations of C$13.07 billion. Royal Bank of Canada had a net margin of 29.76% and a return on equity of 14.23%.

Royal Bank of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Wednesday, July 26th will be issued a $1.35 dividend. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.32. This represents a $5.40 annualized dividend and a 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.