National Bank Financial Comments on Royal Bank of Canada’s Q2 2023 Earnings (NYSE:RY)

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) – Equities research analysts at National Bank Financial lowered their Q2 2023 earnings per share estimates for shares of Royal Bank of Canada in a research note issued to investors on Wednesday, May 17th. National Bank Financial analyst G. Dechaine now expects that the financial services provider will post earnings per share of $2.13 for the quarter, down from their prior estimate of $2.21. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.67 per share. National Bank Financial also issued estimates for Royal Bank of Canada’s Q3 2023 earnings at $2.19 EPS, Q4 2023 earnings at $2.10 EPS, FY2023 earnings at $8.72 EPS and FY2024 earnings at $9.49 EPS.

Several other equities research analysts also recently commented on RY. CIBC downgraded Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a report on Tuesday. Desjardins lifted their price objective on Royal Bank of Canada from C$145.00 to C$147.00 in a report on Tuesday, February 7th. Barclays downgraded Royal Bank of Canada from an “overweight” rating to an “underweight” rating in a report on Tuesday, May 9th. Finally, StockNews.com initiated coverage on Royal Bank of Canada in a report on Thursday. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $138.33.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock opened at $94.20 on Friday. The company has a market cap of $131.00 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 1.67 and a beta of 0.82. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.89. Royal Bank of Canada has a 12 month low of $83.63 and a 12 month high of $106.43. The stock’s 50-day moving average is $96.54 and its 200-day moving average is $97.93.

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last released its quarterly earnings data on Wednesday, March 1st. The financial services provider reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.09. The company had revenue of $11.21 billion for the quarter, compared to the consensus estimate of $9.67 billion. Royal Bank of Canada had a return on equity of 16.17% and a net margin of 18.77%.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 24th. Shareholders of record on Tuesday, April 25th will be paid a dividend of $0.992 per share. The ex-dividend date of this dividend is Monday, April 24th. This represents a $3.97 annualized dividend and a yield of 4.21%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.98. Royal Bank of Canada’s payout ratio is presently 48.57%.

Institutional Trading of Royal Bank of Canada

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Royal Bank of Canada by 2.4% during the third quarter. Vanguard Group Inc. now owns 50,653,309 shares of the financial services provider’s stock worth $4,560,824,000 after purchasing an additional 1,191,987 shares during the period. Bank of Nova Scotia raised its position in shares of Royal Bank of Canada by 11.0% during the fourth quarter. Bank of Nova Scotia now owns 24,144,366 shares of the financial services provider’s stock worth $2,269,999,000 after purchasing an additional 2,392,959 shares during the period. Toronto Dominion Bank raised its position in shares of Royal Bank of Canada by 10.6% during the first quarter. Toronto Dominion Bank now owns 21,119,042 shares of the financial services provider’s stock worth $2,023,058,000 after purchasing an additional 2,029,807 shares during the period. National Bank of Canada FI raised its position in shares of Royal Bank of Canada by 5.1% during the first quarter. National Bank of Canada FI now owns 18,183,866 shares of the financial services provider’s stock worth $1,737,263,000 after purchasing an additional 890,328 shares during the period. Finally, Norges Bank acquired a new stake in shares of Royal Bank of Canada during the fourth quarter worth $1,583,609,000. Institutional investors own 41.19% of the company’s stock.

About Royal Bank of Canada

(Get Rating)

Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.