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

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) announced a quarterly dividend on Thursday, May 26th, Zacks reports. Investors of record on Tuesday, July 26th will be given a dividend of 0.995 per share by the financial services provider on Wednesday, August 24th. This represents a $3.98 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend is Monday, July 25th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.94.

Royal Bank of Canada has increased its dividend by an average of 6.4% annually over the last three years. Royal Bank of Canada has a dividend payout ratio of 40.9% indicating that its dividend is sufficiently covered by earnings. Equities 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 $3.81 annual dividend with an expected future payout ratio of 41.1%.

RY opened at $100.69 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 1-year low of $95.02 and a 1-year high of $119.41. The business has a 50 day moving average of $105.41 and a 200-day moving average of $107.37. The stock has a market capitalization of $141.32 billion, a price-to-earnings ratio of 11.20, a P/E/G ratio of 2.06 and a beta of 0.90.

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) last posted its quarterly earnings results on Thursday, February 24th. The financial services provider reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.13. The company had revenue of $10.37 billion for the quarter. Royal Bank of Canada had a net margin of 28.16% and a return on equity of 18.28%. Equities analysts predict that Royal Bank of Canada will post 8.67 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vident Investment Advisory LLC grew its holdings in Royal Bank of Canada by 1.1% during the first quarter. Vident Investment Advisory LLC now owns 9,935 shares of the financial services provider’s stock valued at $1,095,000 after purchasing an additional 105 shares during the period. Laurel Wealth Advisors Inc. grew its holdings in Royal Bank of Canada by 6.3% during the first quarter. Laurel Wealth Advisors Inc. now owns 2,284 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 135 shares during the period. International Assets Investment Management LLC grew its holdings in Royal Bank of Canada by 1.1% during the first quarter. International Assets Investment Management LLC now owns 17,458 shares of the financial services provider’s stock valued at $158,000 after purchasing an additional 188 shares during the period. Stifel Financial Corp grew its holdings in Royal Bank of Canada by 0.8% during the fourth quarter. Stifel Financial Corp now owns 32,484 shares of the financial services provider’s stock valued at $3,448,000 after purchasing an additional 251 shares during the period. Finally, Belpointe Asset Management LLC grew its holdings in Royal Bank of Canada by 10.0% during the fourth quarter. Belpointe Asset Management LLC now owns 3,201 shares of the financial services provider’s stock valued at $340,000 after purchasing an additional 291 shares during the period. 41.50% of the stock is owned by institutional investors and hedge funds.

Several analysts have issued reports on RY shares. Canaccord Genuity Group lowered shares of Royal Bank of Canada from a “buy” rating to a “hold” rating and raised their price target for the stock from $141.00 to $148.00 in a research report on Monday, February 7th. Stifel Nicolaus decreased their target price on shares of Royal Bank of Canada from C$152.00 to C$150.00 in a research report on Friday, April 8th. Canaccord Genuity Group downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating and lifted their price target for the company from $141.00 to $148.00 in a report on Monday, February 7th. Zacks Investment Research downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, February 25th. Finally, StockNews.com initiated coverage on shares of Royal Bank of Canada in a report on Thursday, March 31st. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $143.13.

About Royal Bank of Canada (Get Rating)

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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Dividend History for Royal Bank of Canada (NYSE:RY)

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