Equities Analysts Offer Predictions for RY FY2024 Earnings

Royal Bank of Canada (NYSE:RY) (TSE:RY) – Cormark lowered their FY2024 EPS estimates for Royal Bank of Canada in a research report issued on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the financial services provider will earn $8.68 per share for the year, down from their previous forecast of $8.92. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.37 per share. Cormark also issued estimates for Royal Bank of Canada’s Q4 2024 earnings at $2.17 EPS and FY2025 earnings at $9.30 EPS.

RY has been the topic of several other research reports. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. BMO Capital Markets upped their target price on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, TD Securities lowered shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Price Performance

Shares of RY opened at $124.15 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The company’s fifty day moving average price is $123.44 and its 200-day moving average price is $115.04. Royal Bank of Canada has a 1-year low of $85.02 and a 1-year high of $126.96. The firm has a market capitalization of $175.51 billion, a PE ratio of 15.01, a price-to-earnings-growth ratio of 1.92 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The business had revenue of $10.68 billion for the quarter, compared to analyst estimates of $10.40 billion.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. FMR LLC increased its holdings in Royal Bank of Canada by 75.8% in the third quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock valued at $2,229,834,000 after buying an additional 7,702,585 shares in the last quarter. National Bank of Canada FI increased its stake in shares of Royal Bank of Canada by 16.7% in the 2nd 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. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Royal Bank of Canada by 165.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,896,755 shares of the financial services provider’s stock worth $361,532,000 after purchasing an additional 1,804,022 shares during the period. International Assets Investment Management LLC purchased a new position in Royal Bank of Canada during the third quarter worth approximately $153,217,000. Finally, Geode Capital Management LLC grew its holdings in Royal Bank of Canada by 9.3% in the third quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock valued at $805,616,000 after purchasing an additional 541,760 shares during the period. 45.31% of the stock is owned by institutional investors and hedge funds.

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.