Desjardins Weighs in on Royal Bank of Canada’s FY2024 Earnings (NYSE:RY)

Royal Bank of Canada (NYSE:RY) (TSE:RY) – Equities researchers at Desjardins increased their FY2024 EPS estimates for Royal Bank of Canada in a report issued on Wednesday, August 28th. Desjardins analyst D. Young now forecasts that the financial services provider will earn $8.77 per share for the year, up from their prior estimate of $8.24. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.90 per share. Desjardins also issued estimates for Royal Bank of Canada’s Q4 2024 earnings at $2.09 EPS and FY2025 earnings at $9.18 EPS.

A number of other analysts have also commented on RY. UBS Group started coverage on shares of Royal Bank of Canada in a research note on Tuesday, July 2nd. They set a “buy” rating for the company. Scotiabank raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. Jefferies Financial Group raised shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. Finally, Argus increased their price target on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Price Performance

RY stock opened at $120.83 on Monday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. Royal Bank of Canada has a one year low of $77.90 and a one year high of $121.22. The firm has a market capitalization of $170.98 billion, a PE ratio of 14.99, a P/E/G ratio of 1.98 and a beta of 0.86. The firm has a 50-day moving average of $111.16 and a two-hundred day moving average of $104.90.

Hedge Funds Weigh In On Royal Bank of Canada

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RY. Cetera Investment Advisers grew its holdings in Royal Bank of Canada by 27.9% during the second quarter. Cetera Investment Advisers now owns 32,057 shares of the financial services provider’s stock valued at $3,410,000 after purchasing an additional 7,000 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Royal Bank of Canada by 1.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 26,466 shares of the financial services provider’s stock valued at $2,815,000 after purchasing an additional 493 shares during the last quarter. Creative Planning grew its holdings in Royal Bank of Canada by 8.5% during the second quarter. Creative Planning now owns 198,718 shares of the financial services provider’s stock valued at $21,140,000 after purchasing an additional 15,554 shares during the last quarter. Kathmere Capital Management LLC grew its holdings in Royal Bank of Canada by 18.2% during the second quarter. Kathmere Capital Management LLC now owns 3,524 shares of the financial services provider’s stock valued at $375,000 after purchasing an additional 543 shares during the last quarter. Finally, Arkos Global Advisors acquired a new position in Royal Bank of Canada during the second quarter valued at approximately $201,000. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be given a dividend of $1.028 per share. This represents a $4.11 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s payout ratio is presently 51.49%.

Royal Bank of Canada Company Profile

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.