Cormark Has Negative Forecast for RY FY2024 Earnings

Royal Bank of Canada (NYSE:RY) (TSE:RY) – Stock analysts at Cormark decreased their FY2024 earnings per share estimates for shares of Royal Bank of Canada in a note issued to investors on Monday, November 25th. Cormark analyst L. Persaud now expects that the financial services provider will post earnings per share of $8.68 for the year, down from their prior estimate of $8.92. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.37 per share. Cormark also issued estimates for Royal Bank of Canada’s Q4 2024 earnings at $2.17 EPS and FY2025 earnings at $9.30 EPS.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. The business had revenue of $10.68 billion for the quarter, compared to analysts’ expectations of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%.

Several other equities research analysts have also recently weighed in on the company. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. BMO Capital Markets increased their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Finally, Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. One analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Stock Up 0.9 %

Shares of NYSE:RY opened at $125.27 on Wednesday. The stock has a market capitalization of $177.09 billion, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 1.92 and a beta of 0.86. The stock’s 50-day moving average price is $123.49 and its 200-day moving average price is $115.11. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. Royal Bank of Canada has a 12-month low of $85.02 and a 12-month high of $126.96.

Institutional Trading of Royal Bank of Canada

Several large investors have recently added to or reduced their stakes in RY. Capital Performance Advisors LLP purchased a new stake in Royal Bank of Canada in the third quarter worth $25,000. Dunhill Financial LLC purchased a new stake in Royal Bank of Canada in the third quarter worth about $25,000. Larson Financial Group LLC bought a new position in shares of Royal Bank of Canada during the third quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new position in shares of Royal Bank of Canada during the second quarter valued at approximately $27,000. Finally, Grove Bank & Trust bought a new stake in shares of Royal Bank of Canada in the 3rd quarter worth approximately $28,000. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Company Profile

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.