FY2024 EPS Estimates for Royal Bank of Canada (TSE:RY) Lifted by Analyst

Royal Bank of Canada (TSE:RY) (NYSE:RY) – Research analysts at National Bank Financial lifted their FY2024 EPS estimates for shares of Royal Bank of Canada in a report released on Wednesday, August 28th. National Bank Financial analyst G. Dechaine now expects that the financial services provider will post earnings of $12.03 per share for the year, up from their prior forecast of $11.78. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $12.86 per share. National Bank Financial also issued estimates for Royal Bank of Canada’s FY2025 earnings at $13.46 EPS.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share for the quarter, beating the consensus estimate of C$2.95 by C$0.31. The firm had revenue of C$14.63 billion for the quarter, compared to analysts’ expectations of C$14.27 billion. Royal Bank of Canada had a return on equity of 13.38% and a net margin of 28.37%.

A number of other equities analysts also recently issued reports on the company. BMO Capital Markets increased their price objective on Royal Bank of Canada from C$151.00 to C$165.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Barclays raised their price target on Royal Bank of Canada from C$145.00 to C$150.00 in a report on Tuesday, August 20th. UBS Group set a C$165.00 price objective on Royal Bank of Canada and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Cormark increased their price objective on Royal Bank of Canada from C$166.00 to C$171.00 in a research report on Thursday, August 29th. Finally, National Bankshares increased their price objective on Royal Bank of Canada from C$160.00 to C$169.00 in a research report on Thursday, August 29th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of C$161.50.

Royal Bank of Canada Price Performance

Shares of RY opened at C$163.75 on Monday. The firm has a market cap of C$232.53 billion, a P/E ratio of 14.50, a P/E/G ratio of 10.64 and a beta of 0.85. The stock has a 50 day simple moving average of C$152.15 and a two-hundred day simple moving average of C$143.24. Royal Bank of Canada has a 1 year low of C$107.92 and a 1 year high of C$164.18.

Insider Activity at Royal Bank of Canada

In other Royal Bank of Canada news, Senior Officer Douglas Antony Guzman sold 54,354 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of C$145.15, for a total transaction of C$7,889,646.16. Following the completion of the sale, the insider now directly owns 25 shares of the company’s stock, valued at approximately C$3,628.83. In other news, Senior Officer Douglas Antony Guzman sold 54,354 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of C$145.15, for a total transaction of C$7,889,646.16. Following the completion of the transaction, the insider now directly owns 25 shares of the company’s stock, valued at approximately C$3,628.83. Also, Senior Officer Bruce Washington Ross sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of C$140.99, for a total transaction of C$2,819,840.00. Following the transaction, the insider now directly owns 235 shares of the company’s stock, valued at C$33,133.12. Insiders have sold 86,524 shares of company stock valued at $12,431,091 over the last quarter.

Royal Bank of Canada Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be issued a $1.42 dividend. This represents a $5.68 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 50.31%.

About Royal Bank of Canada

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.