Cormark Analysts Increase Earnings Estimates for Royal Bank of Canada (NYSE:RY)

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) – Analysts at Cormark upped their Q3 2022 earnings per share estimates for shares of Royal Bank of Canada in a research note issued to investors on Tuesday, June 14th. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings of $2.16 per share for the quarter, up from their previous estimate of $2.16. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.88 per share. Cormark also issued estimates for Royal Bank of Canada’s Q4 2022 earnings at $2.24 EPS and Q2 2023 earnings at $2.32 EPS.

Several other analysts have also recently weighed in on RY. National Bank Financial lifted their price target on Royal Bank of Canada from C$147.00 to C$148.00 in a report on Friday, May 27th. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Saturday, June 11th. CIBC raised Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a report on Monday, April 11th. TD Securities dropped their price objective on Royal Bank of Canada from C$150.00 to C$145.00 in a report on Friday, May 27th. Finally, Scotiabank dropped their price objective on Royal Bank of Canada from C$150.00 to C$147.00 in a report on Friday, May 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $143.84.

NYSE:RY opened at $95.59 on Thursday. The stock has a market cap of $134.16 billion, a P/E ratio of 10.46, a PEG ratio of 2.15 and a beta of 0.90. The stock has a 50 day simple moving average of $102.42 and a 200 day simple moving average of $107.08. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 1-year low of $94.94 and a 1-year high of $119.41.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 24th. Investors of record on Tuesday, July 26th will be given a dividend of $0.995 per share. The ex-dividend date is Monday, July 25th. This represents a $3.98 dividend on an annualized basis and a yield of 4.16%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.94. Royal Bank of Canada’s payout ratio is currently 42.01%.

A number of hedge funds have recently modified their holdings of RY. Captrust Financial Advisors grew its position in shares of Royal Bank of Canada by 5.8% in the 3rd quarter. Captrust Financial Advisors now owns 36,615 shares of the financial services provider’s stock valued at $3,642,000 after buying an additional 2,004 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Royal Bank of Canada by 10.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 14,072 shares of the financial services provider’s stock valued at $1,493,000 after buying an additional 1,295 shares during the last quarter. Mission Creek Capital Partners Inc. grew its position in shares of Royal Bank of Canada by 9.2% in the 4th quarter. Mission Creek Capital Partners Inc. now owns 13,633 shares of the financial services provider’s stock valued at $1,447,000 after buying an additional 1,153 shares during the last quarter. Seven Eight Capital LP bought a new stake in shares of Royal Bank of Canada in the 4th quarter valued at about $314,000. Finally, Banque Pictet & Cie SA bought a new stake in shares of Royal Bank of Canada in the 4th quarter valued at about $1,157,000. Institutional investors and hedge funds own 41.50% of the company’s stock.

About Royal Bank of Canada (Get Rating)

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.

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