Royal Bank of Canada (NYSE:RY) to Issue Quarterly Dividend of $1.00

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) declared a quarterly dividend on Thursday, May 25th, Zacks reports. Investors of record on Wednesday, July 26th will be paid a dividend of 0.996 per share by the financial services provider on Thursday, August 24th. This represents a $3.98 dividend on an annualized basis and a dividend yield of 4.47%. The ex-dividend date of this dividend is Tuesday, July 25th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.99.

Royal Bank of Canada has raised its dividend by an average of 7.1% annually over the last three years. Royal Bank of Canada has a payout ratio of 42.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Royal Bank of Canada to earn $9.27 per share next year, which means the company should continue to be able to cover its $3.93 annual dividend with an expected future payout ratio of 42.4%.

Royal Bank of Canada Stock Performance

Shares of NYSE RY opened at $89.10 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.11. The business’s 50 day moving average is $96.24 and its two-hundred day moving average is $97.92. The company has a market cap of $123.91 billion, a P/E ratio of 11.07, a P/E/G ratio of 1.62 and a beta of 0.82. Royal Bank of Canada has a 12 month low of $83.63 and a 12 month high of $106.43.

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last issued its quarterly earnings results on Wednesday, March 1st. The financial services provider reported $2.26 EPS for the quarter, topping the consensus estimate of $2.17 by $0.09. The company had revenue of $11.21 billion for the quarter, compared to the consensus estimate of $9.67 billion. Royal Bank of Canada had a return on equity of 16.17% and a net margin of 18.77%. On average, equities analysts expect that Royal Bank of Canada will post 8.62 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the company. StockNews.com assumed coverage on Royal Bank of Canada in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Barclays lowered Royal Bank of Canada from an “overweight” rating to an “underweight” rating in a research note on Tuesday, May 9th. CIBC lowered Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a research note on Tuesday, May 16th. Finally, Desjardins boosted their price target on Royal Bank of Canada from C$145.00 to C$147.00 in a research note on Tuesday, February 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $138.33.

Institutional Investors Weigh In On Royal Bank of Canada

Several large investors have recently modified their holdings of RY. BlackRock Inc. boosted its position in shares of Royal Bank of Canada by 5.3% during the first quarter. BlackRock Inc. now owns 817,482 shares of the financial services provider’s stock worth $90,144,000 after buying an additional 41,346 shares during the period. Raymond James Trust N.A. boosted its position in Royal Bank of Canada by 5.7% during the first quarter. Raymond James Trust N.A. now owns 7,030 shares of the financial services provider’s stock valued at $775,000 after purchasing an additional 382 shares during the last quarter. Blair William & Co. IL boosted its position in Royal Bank of Canada by 2.0% during the first quarter. Blair William & Co. IL now owns 23,498 shares of the financial services provider’s stock valued at $2,591,000 after purchasing an additional 458 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in Royal Bank of Canada by 47.1% during the first quarter. Sequoia Financial Advisors LLC now owns 4,942 shares of the financial services provider’s stock valued at $545,000 after purchasing an additional 1,582 shares during the last quarter. Finally, Thomas White International Ltd. lifted its position in shares of Royal Bank of Canada by 4.6% in the first quarter. Thomas White International Ltd. now owns 15,778 shares of the financial services provider’s stock valued at $1,740,000 after buying an additional 701 shares during the last quarter. 41.19% of the stock is currently owned by institutional investors.

About Royal Bank of Canada

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Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.