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

Royal Bank of Canada (TSE:RY) (NYSE:RY) – Investment analysts at Cormark issued their Q2 2024 earnings estimates for Royal Bank of Canada in a report released on Wednesday, May 22nd. Cormark analyst L. Persaud forecasts 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 research firms also recently issued reports on RY. National Bankshares boosted their target price on shares of Royal Bank of Canada from C$148.00 to C$154.00 and gave the company an “outperform” rating in a report on Friday, May 17th. Scotiabank boosted their target price on shares of Royal Bank of Canada from C$143.00 to C$148.00 and gave the company an “outperform” rating in a report on Friday, May 17th. CIBC lowered their target price on shares of 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. Jefferies Financial Group upgraded shares of Royal Bank of Canada from a “hold” rating to a “buy” rating and boosted their target price for the company from C$136.00 to C$157.00 in a report on Monday, May 13th. Finally, Canaccord Genuity Group increased their price objective on shares of Royal Bank of Canada from C$142.00 to C$146.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and a consensus target price of C$140.36.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock opened at C$143.92 on Friday. Royal Bank of Canada has a 1 year low of C$107.92 and a 1 year high of C$145.75. The firm has a 50 day moving average price of C$137.74 and a 200 day moving average price of C$132.34. The company has a market cap of C$202.93 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 10.64 and a beta of 0.83.

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 EPS for the quarter, topping analysts’ consensus estimates of C$2.79 by C$0.06. Royal Bank of Canada had a net margin of 28.61% and a return on equity of 13.66%. The business had revenue of C$13.49 billion during the quarter, compared to the consensus estimate of C$13.65 billion.

Royal Bank of Canada Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Thursday, April 25th were paid a $1.38 dividend. The ex-dividend date was Wednesday, April 24th. This represents a $5.52 annualized dividend and a dividend yield of 3.84%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 51.25%.

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.