Royal Bank of Canada (TSE:RY) Announces Quarterly Dividend of $1.76

Royal Bank of Canada (TSE:RY) (NYSE:RY) declared a quarterly dividend on Monday, July 27th, TickerTech Dividends reports. Shareholders of record on Monday, August 24th will be paid a dividend of 1.76 per share by the financial services provider on Monday, August 24th. This represents a c) annualized dividend and a yield of 2.4%. The ex-dividend date is Monday, July 27th. This is a 7.3% increase from Royal Bank of Canada’s previous quarterly dividend of $1.64.

Royal Bank of Canada Trading Up 0.5%

RY opened at C$295.01 on Friday. The company has a market cap of C$409.96 billion, a P/E ratio of 19.18, a PEG ratio of 3.42 and a beta of 1.05. The company’s 50 day moving average is C$281.85 and its 200-day moving average is C$250.30. Royal Bank of Canada has a 1-year low of C$175.50 and a 1-year high of C$306.38.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its quarterly earnings data on Thursday, May 28th. The financial services provider reported C$3.90 EPS for the quarter. The business had revenue of C$17.45 billion during the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. On average, equities analysts forecast that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RY shares. Jefferies Financial Group boosted their target price on shares of Royal Bank of Canada from C$226.00 to C$232.00 in a report on Wednesday, May 20th. Canadian Imperial Bank of Commerce boosted their price objective on shares of Royal Bank of Canada from C$258.00 to C$279.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. TD raised their target price on Royal Bank of Canada from C$267.00 to C$272.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Canaccord Genuity Group upped their price target on Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, Desjardins raised their price objective on Royal Bank of Canada from C$262.00 to C$275.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$262.96.

Royal Bank of Canada Company Profile

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.