Cormark Analysts Increase Earnings Estimates for Royal Bank of Canada (NYSE:RY)

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) – Investment analysts at Cormark boosted their Q3 2022 earnings per share (EPS) estimates for Royal Bank of Canada in a report released on Tuesday, June 14th. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings per share of $2.16 for the quarter, up from their prior forecast of $2.16. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.88 per share. Cormark also issued estimates for Royal Bank of Canada’s Q4 2022 earnings at $2.24 EPS and Q2 2023 earnings at $2.32 EPS.

Other equities analysts have also issued reports about the company. Argus raised their price target on Royal Bank of Canada from $121.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 6th. BMO Capital Markets cut their price target on Royal Bank of Canada from C$142.00 to C$140.00 in a report on Friday, May 27th. TD Securities cut their price target on Royal Bank of Canada from C$150.00 to C$145.00 in a report on Friday, May 27th. Stifel Nicolaus lowered their price objective on Royal Bank of Canada from C$152.00 to C$150.00 in a research report on Friday, April 8th. Finally, National Bank Financial increased their price objective on Royal Bank of Canada from C$147.00 to C$148.00 in a research report on Friday, May 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $143.84.

Royal Bank of Canada stock opened at $95.59 on Thursday. Royal Bank of Canada has a one year low of $94.94 and a one year high of $119.41. The business has a fifty day moving average price of $102.42 and a 200-day moving average price of $107.08. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $134.16 billion, a P/E ratio of 10.46, a PEG ratio of 2.15 and a beta of 0.90.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 24th. Shareholders of record on Tuesday, July 26th will be given a dividend of $0.995 per share. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Monday, July 25th. This represents a $3.98 dividend on an annualized basis and a yield of 4.16%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 42.01%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. J.W. Cole Advisors Inc. purchased a new position in shares of Royal Bank of Canada in the first quarter worth about $44,000. Vise Technologies Inc. purchased a new position in shares of Royal Bank of Canada in the first quarter worth about $265,000. Reynolds Investment Management Inc. purchased a new position in shares of Royal Bank of Canada in the first quarter worth about $596,000. BNP Paribas Arbitrage SA purchased a new position in shares of Royal Bank of Canada in the first quarter worth about $2,648,000. Finally, Beacon Pointe Advisors LLC purchased a new position in shares of Royal Bank of Canada in the first quarter worth about $1,311,000. Hedge funds and other institutional investors own 41.50% of the company’s stock.

About Royal Bank of Canada (Get Rating)

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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