Cormark Equities Analysts Reduce Earnings Estimates for Royal Bank of Canada (NYSE:RY)

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) – Cormark cut their Q4 2022 earnings per share estimates for shares of Royal Bank of Canada in a report issued on Tuesday, November 22nd. Cormark analyst L. Persaud now forecasts that the financial services provider will post earnings of $2.15 per share for the quarter, down from their previous forecast of $2.19. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.41 per share.

Other equities research analysts have also issued research reports about the company. Keefe, Bruyette & Woods lowered Royal Bank of Canada from a “market perform” rating to an “underperform” rating and reduced their target price for the company from C$132.00 to C$118.00 in a research note on Monday, August 8th. Canaccord Genuity Group reduced their target price on Royal Bank of Canada from C$134.00 to C$131.50 and set a “hold” rating on the stock in a research note on Thursday, August 18th. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Friday, November 18th. Scotiabank reduced their target price on Royal Bank of Canada from C$147.00 to C$144.00 in a research note on Thursday, August 18th. Finally, Desjardins cut their price target on Royal Bank of Canada from C$143.00 to C$141.00 in a report on Thursday, August 25th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $139.81.

Royal Bank of Canada Price Performance

Shares of RY opened at $100.89 on Thursday. Royal Bank of Canada has a twelve month low of $83.63 and a twelve month high of $119.41. The stock’s 50 day moving average is $93.11 and its two-hundred day moving average is $96.20. The firm has a market capitalization of $139.85 billion, a PE ratio of 11.64, a P/E/G ratio of 2.41 and a beta of 0.82. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.10.

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) last announced its quarterly earnings data on Wednesday, August 24th. The financial services provider reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.01. Royal Bank of Canada had a return on equity of 16.85% and a net margin of 26.29%. The company had revenue of $9.43 billion for the quarter.

Institutional Trading of Royal Bank of Canada

Institutional investors and hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its position in Royal Bank of Canada by 2.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 173,341 shares of the financial services provider’s stock worth $19,114,000 after purchasing an additional 4,919 shares during the period. M&T Bank Corp boosted its position in Royal Bank of Canada by 19.6% during the 2nd quarter. M&T Bank Corp now owns 54,327 shares of the financial services provider’s stock worth $4,586,000 after purchasing an additional 8,914 shares during the period. Venture Visionary Partners LLC purchased a new stake in Royal Bank of Canada during the 2nd quarter worth $33,000. Principal Financial Group Inc. purchased a new stake in Royal Bank of Canada during the 1st quarter worth $16,895,000. Finally, Moreno Evelyn V purchased a new stake in Royal Bank of Canada during the 1st quarter worth $328,000. 40.46% of the stock is currently owned by institutional investors and hedge funds.

About Royal Bank of Canada

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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.

Further Reading

Earnings History and Estimates for Royal Bank of Canada (NYSE:RY)

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