Royal Bank of Canada (NYSE:RY) (TSE:RY) declared a quarterly dividend on Thursday, May 28th, Wall Street Journal reports. Shareholders of record on Monday, July 27th will be paid a dividend of 0.7839 per share by the financial services provider on Monday, August 24th. This represents a $3.14 annualized dividend and a yield of 4.41%. The ex-dividend date is Friday, July 24th.
Royal Bank of Canada has raised its dividend payment by an average of 26.4% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Royal Bank of Canada has a payout ratio of 52.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Royal Bank of Canada to earn $5.95 per share next year, which means the company should continue to be able to cover its $3.08 annual dividend with an expected future payout ratio of 51.8%.
Shares of Royal Bank of Canada stock opened at $71.13 on Thursday. The stock’s fifty day moving average is $68.81 and its two-hundred day moving average is $69.04. The company has a market capitalization of $101.19 billion, a PE ratio of 11.87, a price-to-earnings-growth ratio of 2.66 and a beta of 0.89. 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 has a 52 week low of $49.55 and a 52 week high of $82.74.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Wednesday, May 27th. The financial services provider reported $0.77 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.13 by ($0.36). The business had revenue of $7.70 billion during the quarter, compared to the consensus estimate of $8.15 billion. Royal Bank of Canada had a net margin of 17.51% and a return on equity of 15.03%. As a group, research analysts anticipate that Royal Bank of Canada will post 5.15 earnings per share for the current year.
A number of equities analysts have recently issued reports on RY shares. Canaccord Genuity increased their price target on Royal Bank of Canada from $86.50 to $95.00 and gave the stock a “hold” rating in a research report on Thursday, May 28th. Cfra dropped their price target on Royal Bank of Canada from $83.00 to $69.00 and set a “hold” rating on the stock in a research report on Wednesday, March 25th. ValuEngine raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Tuesday, July 7th. Scotiabank increased their price target on Royal Bank of Canada from $97.00 to $105.00 and gave the stock an “outperform” rating in a research report on Thursday, May 28th. Finally, Credit Suisse Group upped their price objective on Royal Bank of Canada from $100.00 to $101.00 and gave the stock an “outperform” rating in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. Royal Bank of Canada presently has an average rating of “Hold” and an average price target of $96.50.
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 check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.
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