National Bank Financial Weighs in on Royal Bank of Canada’s FY2024 Earnings (NYSE:RY)

Royal Bank of Canada (NYSE:RY) (TSE:RY) – Research analysts at National Bank Financial raised their FY2024 earnings per share estimates for shares of Royal Bank of Canada in a research note issued to investors on Wednesday, August 28th. National Bank Financial analyst G. Dechaine now anticipates that the financial services provider will post earnings per share of $8.90 for the year, up from their previous estimate of $8.60. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.90 per share. National Bank Financial also issued estimates for Royal Bank of Canada’s Q4 2024 earnings at $2.22 EPS and FY2025 earnings at $9.96 EPS.

RY has been the topic of several other reports. Argus raised their target price on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Scotiabank upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. BMO Capital Markets lifted their price target 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, UBS Group began coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Royal Bank of Canada currently has an average rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada Trading Up 1.3 %

Shares of RY stock opened at $120.78 on Monday. The stock has a market cap of $170.91 billion, a P/E ratio of 14.99, a price-to-earnings-growth ratio of 2.08 and a beta of 0.86. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $121.12. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The stock has a 50 day simple moving average of $110.87 and a 200 day simple moving average of $104.74.

Institutional Investors Weigh In On Royal Bank of Canada

Several large investors have recently modified their holdings of the company. Canoe Financial LP increased its holdings in Royal Bank of Canada by 11,061.2% in the fourth quarter. Canoe Financial LP now owns 151,142,403 shares of the financial services provider’s stock worth $15,285,031,000 after purchasing an additional 149,788,224 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Royal Bank of Canada by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider’s stock valued at $5,618,566,000 after acquiring an additional 964,898 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Royal Bank of Canada by 21.7% during the 4th quarter. TD Asset Management Inc now owns 32,571,491 shares of the financial services provider’s stock valued at $3,310,010,000 after acquiring an additional 5,810,077 shares during the period. Bank of Nova Scotia grew its holdings in Royal Bank of Canada by 5.1% in the fourth quarter. Bank of Nova Scotia now owns 28,024,917 shares of the financial services provider’s stock worth $2,834,219,000 after purchasing an additional 1,357,956 shares during the period. Finally, National Bank of Canada FI increased its stake in Royal Bank of Canada by 16.7% in the second quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock valued at $2,141,681,000 after purchasing an additional 2,901,033 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be issued a $1.028 dividend. This represents a $4.11 annualized dividend and a yield of 3.40%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s payout ratio 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.