Research Analysts Set Expectations for Royal Bank of Canada’s FY2024 Earnings (NYSE:RY)

Royal Bank of Canada (NYSE:RY) (TSE:RY) – Stock analysts at Desjardins lifted their FY2024 earnings per share estimates for shares of Royal Bank of Canada in a research report issued on Wednesday, August 28th. Desjardins analyst D. Young now forecasts that the financial services provider will post earnings per share of $8.77 for the year, up from their prior forecast of $8.24. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.90 per share. Desjardins also issued estimates for Royal Bank of Canada’s Q4 2024 earnings at $2.09 EPS and FY2025 earnings at $9.18 EPS.

Several other analysts have also commented on RY. Jefferies Financial Group upgraded shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. UBS Group initiated coverage on shares of Royal Bank of Canada in a research report on Tuesday, July 2nd. They set a “buy” rating on the stock. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Argus upped their price objective on Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Finally, Scotiabank raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at $120.78 on Monday. The stock has a market capitalization of $170.91 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 2.08 and a beta of 0.86. The stock’s 50-day moving average price is $110.58 and its 200 day moving average price is $104.53. Royal Bank of Canada has a 52-week low of $77.90 and a 52-week high of $121.12. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Thursday, May 30th. The financial services provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $10.43 billion during the quarter, compared to the consensus estimate of $9.95 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%.

Institutional Investors Weigh In On Royal Bank of Canada

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cetera Investment Advisers grew its stake in shares of Royal Bank of Canada by 27.9% in the 2nd quarter. Cetera Investment Advisers now owns 32,057 shares of the financial services provider’s stock valued at $3,410,000 after purchasing an additional 7,000 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Royal Bank of Canada by 1.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 26,466 shares of the financial services provider’s stock worth $2,815,000 after buying an additional 493 shares during the last quarter. Creative Planning increased its position in shares of Royal Bank of Canada by 8.5% in the 2nd quarter. Creative Planning now owns 198,718 shares of the financial services provider’s stock valued at $21,140,000 after buying an additional 15,554 shares in the last quarter. Kathmere Capital Management LLC increased its stake in Royal Bank of Canada by 18.2% during the 2nd quarter. Kathmere Capital Management LLC now owns 3,524 shares of the financial services provider’s stock worth $375,000 after purchasing an additional 543 shares in the last quarter. Finally, Arkos Global Advisors acquired a new stake in shares of Royal Bank of Canada in the 2nd quarter valued at about $201,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be paid a dividend of $1.028 per share. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 51.49%.

About Royal Bank of Canada

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.