Royal Bank of Canada to Post Q2 2023 Earnings of $2.14 Per Share, Cormark Forecasts (NYSE:RY)

Posted by Defense World Staff on May 24th, 2023

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) – Investment analysts at Cormark reduced their Q2 2023 earnings per share (EPS) estimates for Royal Bank of Canada in a note issued to investors on Tuesday, May 23rd. Cormark analyst L. Persaud now forecasts that the financial services provider will earn $2.14 per share for the quarter, down from their previous forecast of $2.18. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.62 per share.

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

A number of other analysts also recently commented on RY. StockNews.com assumed coverage on Royal Bank of Canada in a research report on Thursday, May 18th. They set a “hold” rating for the company. CIBC cut Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a research note on Tuesday, May 16th. Desjardins increased their price target on shares of Royal Bank of Canada from C$145.00 to C$147.00 in a research report on Tuesday, February 7th. Finally, Barclays lowered shares of Royal Bank of Canada from an “overweight” rating to an “underweight” rating in a research report on Tuesday, May 9th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $138.33.

Royal Bank of Canada Trading Down 0.9 %

NYSE:RY opened at $93.34 on Wednesday. Royal Bank of Canada has a 52 week low of $83.63 and a 52 week high of $106.43. The firm has a 50-day moving average price of $96.44 and a two-hundred day moving average price of $98.03. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $129.81 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 1.67 and a beta of 0.82.

Institutional Investors Weigh In On Royal Bank of Canada

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in Royal Bank of Canada in the 4th quarter worth approximately $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 valued at $1,625,202,000 after acquiring an additional 12,610,726 shares in the last quarter. Toronto Dominion Bank boosted its position in shares of Royal Bank of Canada by 28.0% during 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 acquiring an additional 4,031,170 shares during the last quarter. Bank of Nova Scotia grew its holdings 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 in the last quarter. Finally, Canoe Financial LP bought a new position in shares of Royal Bank of Canada in the first quarter worth approximately $153,411,000. Institutional investors own 41.19% of the company’s stock.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 24th. Stockholders of record on Tuesday, April 25th will be given a $0.992 dividend. The ex-dividend date is Monday, April 24th. This represents a $3.97 annualized dividend and a dividend yield of 4.25%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.98. Royal Bank of Canada’s payout ratio is 48.57%.

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.