Royal Bank of Canada (NYSE:RY) Announces $0.98 Quarterly Dividend

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) declared a quarterly dividend on Wednesday, November 30th, Wall Street Journal reports. Stockholders of record on Thursday, January 26th will be paid a dividend of 0.9832 per share by the financial services provider on Friday, February 24th. This represents a $3.93 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date is Wednesday, January 25th.

Royal Bank of Canada has decreased its dividend by an average of 3.0% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Royal Bank of Canada has a payout ratio of 41.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Royal Bank of Canada to earn $9.40 per share next year, which means the company should continue to be able to cover its $3.84 annual dividend with an expected future payout ratio of 40.9%.

Royal Bank of Canada Price Performance

Shares of NYSE:RY opened at $100.68 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.88 and a current ratio of 0.88. The business’s fifty day moving average price is $97.36 and its two-hundred day moving average price is $95.47. The stock has a market cap of $139.52 billion, a PE ratio of 11.71, a price-to-earnings-growth ratio of 1.77 and a beta of 0.84. Royal Bank of Canada has a one year low of $83.63 and a one year high of $116.84.

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) last posted its quarterly earnings data on Wednesday, November 30th. The financial services provider reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.07. Royal Bank of Canada had a return on equity of 16.33% and a net margin of 23.66%. The business had revenue of $9.44 billion for the quarter. On average, analysts forecast that Royal Bank of Canada will post 8.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Royal Bank of Canada

Several institutional investors and hedge funds have recently modified their holdings of the stock. Eudaimonia Partners LLC acquired a new position in Royal Bank of Canada during the 1st quarter worth approximately $420,000. Ontario Teachers Pension Plan Board acquired a new stake in Royal Bank of Canada during the 1st quarter valued at $341,000. CENTRAL TRUST Co increased its stake in Royal Bank of Canada by 14.7% during the 3rd quarter. CENTRAL TRUST Co now owns 3,420 shares of the financial services provider’s stock worth $308,000 after buying an additional 439 shares during the period. SVB Wealth LLC lifted its holdings in Royal Bank of Canada by 18.5% in the 2nd quarter. SVB Wealth LLC now owns 3,175 shares of the financial services provider’s stock worth $307,000 after buying an additional 496 shares in the last quarter. Finally, Wexford Capital LP purchased a new position in Royal Bank of Canada in the 2nd quarter valued at about $270,000. Hedge funds and other institutional investors own 41.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RY shares. Canaccord Genuity Group upped their price objective on shares of Royal Bank of Canada from C$131.00 to C$136.00 and gave the company a “buy” rating in a research note on Thursday, December 1st. National Bank Financial dropped their target price on Royal Bank of Canada from C$148.00 to C$147.00 in a research note on Thursday, December 1st. Keefe, Bruyette & Woods raised Royal Bank of Canada from an “underperform” rating to a “market perform” rating in a research note on Thursday, December 1st. StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Thursday, December 1st. Finally, Desjardins raised their target price on shares of Royal Bank of Canada from C$140.00 to C$145.00 in a research report on Thursday, December 1st. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $140.09.

Royal Bank of Canada Company Profile

(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.

Recommended Stories

Dividend History for Royal Bank of Canada (NYSE:RY)

Receive News & Ratings for Royal Bank of Canada Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Bank of Canada and related companies with MarketBeat.com's FREE daily email newsletter.