National Bank Financial Analysts Cut Earnings Estimates for Royal Bank of Canada (TSE:RY)

Posted by Defense World Staff on May 20th, 2023

Royal Bank of Canada (TSE:RY – Get Rating) (NYSE:RY) – Stock analysts at National Bank Financial decreased their Q2 2023 earnings estimates for Royal Bank of Canada in a research report issued to clients and investors on Wednesday, May 17th. National Bank Financial analyst G. Dechaine now anticipates that the financial services provider will post earnings per share of $2.88 for the quarter, down from their previous estimate of $2.98. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $11.55 per share. National Bank Financial also issued estimates for Royal Bank of Canada’s Q3 2023 earnings at $2.96 EPS, Q4 2023 earnings at $2.84 EPS, FY2023 earnings at $11.78 EPS and FY2024 earnings at $12.82 EPS.

Royal Bank of Canada (TSE:RY – Get Rating) (NYSE:RY) last announced its earnings results on Wednesday, March 1st. The financial services provider reported C$3.05 earnings per share for the quarter, topping analysts’ consensus estimates of C$2.92 by C$0.13. Royal Bank of Canada had a net margin of 29.76% and a return on equity of 14.23%. The business had revenue of C$15.09 billion during the quarter, compared to the consensus estimate of C$13.07 billion.

Other equities analysts also recently issued research reports about the stock. National Bankshares lowered their target price on shares of Royal Bank of Canada from C$145.00 to C$142.00 in a research note on Thursday. CIBC downgraded shares of Royal Bank of Canada from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from C$147.00 to C$142.00 in a research note on Tuesday. Barclays downgraded shares of Royal Bank of Canada from an “overweight” rating to an “underperform” rating and lowered their target price for the stock from C$151.00 to C$124.00 in a research note on Tuesday, May 9th. CSFB reduced their price target on shares of Royal Bank of Canada from C$151.00 to C$149.00 in a report on Tuesday. Finally, Scotiabank reduced their price target on shares of Royal Bank of Canada from C$149.00 to C$146.00 in a report on Friday, February 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of C$142.20.

Royal Bank of Canada Stock Down 0.6 %

Shares of TSE RY opened at C$127.19 on Friday. Royal Bank of Canada has a twelve month low of C$116.75 and a twelve month high of C$140.18. The firm has a fifty day simple moving average of C$130.68 and a 200 day simple moving average of C$132.29. The company has a market capitalization of C$176.79 billion, a PE ratio of 12.10, a P/E/G ratio of 4.62 and a beta of 0.74.

Insider Activity

In other news, Director David Ian Mckay sold 4,130 shares of Royal Bank of Canada stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of C$136.88, for a total transaction of C$565,320.60.

Royal Bank of Canada Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 24th. Stockholders of record on Tuesday, April 25th will be issued a dividend of $1.32 per share. This represents a $5.28 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date is Monday, April 24th. Royal Bank of Canada’s dividend payout ratio is currently 50.24%.

About Royal Bank of Canada

(Get Rating)

Royal Bank of Canada operates as a diversified financial service company. The company operates through five segments: Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury, and Capital Markets. The Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions, as well as indirect lending, including auto financing; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.