Royal Bank of Canada (NYSE:RY) Receives $140.88 Consensus PT from Analysts

Posted by Defense World Staff on May 23rd, 2023

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) has earned an average recommendation of “Hold” from the thirteen analysts that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and two have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $140.88.

Several brokerages have recently commented on RY. CIBC cut Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a research report on Tuesday, May 16th. Barclays cut Royal Bank of Canada from an “overweight” rating to an “underweight” rating in a research note on Tuesday, May 9th. StockNews.com started coverage on shares of Royal Bank of Canada in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Desjardins boosted their price objective on shares of Royal Bank of Canada from C$145.00 to C$147.00 in a research report on Tuesday, February 7th.

Royal Bank of Canada Stock Performance

Shares of RY opened at $94.16 on Friday. Royal Bank of Canada has a 12-month low of $83.63 and a 12-month high of $106.43. The stock has a market capitalization of $130.95 billion, a P/E ratio of 11.70, a P/E/G ratio of 1.65 and a beta of 0.82. The firm’s 50 day moving average is $96.51 and its 200-day moving average is $98.03. 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 (NYSE:RY – Get Rating) (TSE:RY) last released its quarterly earnings data on Wednesday, March 1st. The financial services provider reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.09. The business had revenue of $11.21 billion during the quarter, compared to analyst estimates of $9.67 billion. Royal Bank of Canada had a return on equity of 16.17% and a net margin of 18.77%. Equities research analysts anticipate that Royal Bank of Canada will post 8.64 EPS for the current fiscal year.

Royal Bank of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 24th. Shareholders of record on Tuesday, April 25th will be given a $0.992 dividend. This represents a $3.97 annualized dividend and a yield of 4.21%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.98. The ex-dividend date is Monday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 48.57%.

Institutional Trading of Royal Bank of Canada

A number of hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in Royal Bank of Canada in the fourth quarter valued at about $1,583,609,000. National Bank of Canada FI raised its holdings in shares of Royal Bank of Canada by 269.3% in the 4th quarter. National Bank of Canada FI now owns 17,293,538 shares of the financial services provider’s stock worth $1,625,202,000 after buying an additional 12,610,726 shares in the last quarter. Toronto Dominion Bank boosted its stake in Royal Bank of Canada by 28.0% in the 3rd quarter. Toronto Dominion Bank now owns 18,405,848 shares of the financial services provider’s stock valued at $1,660,282,000 after buying an additional 4,031,170 shares in the last quarter. Bank of Nova Scotia raised its stake in 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 acquiring an additional 2,392,959 shares in the last quarter. Finally, Canoe Financial LP acquired a new position in Royal Bank of Canada during the first quarter worth $153,411,000. Institutional investors own 41.19% of the company’s stock.

About Royal Bank of Canada

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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.