Royal Bank of Canada (TSE:RY - Free Report) NYSE: RY - Research analysts at Desjardins raised their FY2024 earnings per share estimates for Royal Bank of Canada in a note issued to investors on Friday, November 1st. Desjardins analyst D. Young now forecasts that the financial services provider will post earnings per share of $11.96 for the year, up from their prior estimate of $11.85. Desjardins currently has a "Buy" rating and a $163.00 price target on the stock. The consensus estimate for Royal Bank of Canada's current full-year earnings is $12.35 per share. Desjardins also issued estimates for Royal Bank of Canada's Q4 2024 earnings at $2.93 EPS and FY2025 earnings at $12.45 EPS.
Several other brokerages have also recently weighed in on RY. Bank of America lifted their target price on Royal Bank of Canada from C$162.00 to C$180.00 in a research report on Thursday, August 29th. BMO Capital Markets increased their price objective on Royal Bank of Canada from C$151.00 to C$165.00 and gave the company a "strong-buy" rating in a report on Thursday, August 29th. TD Securities raised their target price on shares of Royal Bank of Canada from C$171.00 to C$178.00 in a research note on Thursday, August 29th. Cormark upped their price target on shares of Royal Bank of Canada from C$166.00 to C$171.00 in a research report on Thursday, August 29th. Finally, CIBC lifted their price objective on shares of Royal Bank of Canada from C$166.00 to C$167.00 in a research report on Friday, September 6th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of C$163.38.
Check Out Our Latest Report on RY
Royal Bank of Canada Price Performance
RY stock traded down C$0.09 during midday trading on Monday, hitting C$170.03. The company's stock had a trading volume of 5,953,420 shares, compared to its average volume of 4,947,021. The company's fifty day moving average price is C$167.00 and its 200 day moving average price is C$153.04. Royal Bank of Canada has a twelve month low of C$115.28 and a twelve month high of C$175.04. The stock has a market capitalization of C$239.74 billion, a P/E ratio of 15.06, a PEG ratio of 3.42 and a beta of 0.84.
Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last posted its quarterly earnings data on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of C$2.95 by C$0.31. Royal Bank of Canada had a net margin of 28.67% and a return on equity of 13.68%. The company had revenue of C$14.63 billion for the quarter, compared to the consensus estimate of C$14.27 billion.
Royal Bank of Canada Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 22nd will be issued a dividend of $1.42 per share. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $5.68 annualized dividend and a yield of 3.34%. Royal Bank of Canada's payout ratio is currently 50.31%.
Insider Activity at Royal Bank of Canada
In related news, Senior Officer Douglas Antony Guzman sold 10,000 shares of the company's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of C$164.60, for a total value of C$1,646,000.00. Following the transaction, the insider now directly owns 25 shares in the company, valued at approximately C$4,115. This represents a 0.00 % decrease in their ownership of the stock. In related news, Director David Ian Mckay sold 74,852 shares of the firm's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total value of C$12,320,115.24. Also, Senior Officer Douglas Antony Guzman sold 10,000 shares of the business's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of C$164.60, for a total value of C$1,646,000.00. Following the completion of the transaction, the insider now directly owns 25 shares of the company's stock, valued at approximately C$4,115. This trade represents a 0.00 % decrease in their position. Insiders sold 144,770 shares of company stock worth $23,959,265 in the last ninety days.
Royal Bank of Canada Company Profile
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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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