Royal Bank of Canada (TSE:RY) Forecasted to Post Q2 2024 Earnings of $2.72 Per Share

Royal Bank of Canada (TSE:RY) (NYSE:RY) – Stock analysts at Cormark issued their Q2 2024 earnings per share estimates for Royal Bank of Canada in a research note issued on Wednesday, May 22nd. Cormark analyst L. Persaud expects that the financial services provider will post earnings of $2.72 per share for the quarter. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $11.21 per share. Cormark also issued estimates for Royal Bank of Canada’s FY2024 earnings at $11.41 EPS and FY2025 earnings at $12.34 EPS.

A number of other equities research analysts also recently commented on RY. BMO Capital Markets raised Royal Bank of Canada from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from C$140.00 to C$150.00 in a report on Friday, April 5th. TD Securities boosted their price target on Royal Bank of Canada from C$153.00 to C$156.00 in a report on Friday, May 10th. Jefferies Financial Group raised Royal Bank of Canada from a “hold” rating to a “buy” rating and boosted their price target for the company from C$136.00 to C$157.00 in a report on Monday, May 13th. Canaccord Genuity Group boosted their price target on Royal Bank of Canada from C$142.00 to C$146.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Finally, CIBC decreased their price target on Royal Bank of Canada from C$140.00 to C$135.00 and set a “neutral” rating for the company in a report on Friday, March 8th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Royal Bank of Canada presently has an average rating of “Moderate Buy” and a consensus price target of C$140.36.

Royal Bank of Canada Stock Up 0.2 %

Shares of Royal Bank of Canada stock traded up C$0.22 on Friday, reaching C$143.89. 268,739 shares of the stock were exchanged, compared to its average volume of 5,267,080. Royal Bank of Canada has a twelve month low of C$107.92 and a twelve month high of C$145.75. The firm has a market capitalization of C$202.88 billion, a price-to-earnings ratio of 13.34, a PEG ratio of 10.64 and a beta of 0.83. The business has a 50 day moving average price of C$137.55 and a two-hundred day moving average price of C$132.03.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its quarterly earnings results on Wednesday, February 28th. The financial services provider reported C$2.85 earnings per share for the quarter, topping analysts’ consensus estimates of C$2.79 by C$0.06. Royal Bank of Canada had a return on equity of 13.66% and a net margin of 28.61%. The business had revenue of C$13.49 billion for the quarter, compared to analyst estimates of C$13.65 billion.

Royal Bank of Canada Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Thursday, April 25th will be given a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend is Wednesday, April 24th. Royal Bank of Canada’s payout ratio is 51.25%.

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.