Royal Bank of Canada (TSE:RY) Releases Earnings Results

Royal Bank of Canada (TSE:RY) (NYSE:RY) announced its quarterly earnings results on Wednesday. The financial services provider reported C$3.85 EPS for the quarter, FiscalAI reports. The company had revenue of C$17.21 billion during the quarter. Royal Bank of Canada had a return on equity of 13.27% and a net margin of 28.23%.

Royal Bank of Canada Stock Up 1.0%

TSE RY opened at C$216.21 on Wednesday. Royal Bank of Canada has a twelve month low of C$151.25 and a twelve month high of C$216.23. The stock’s 50-day simple moving average is C$206.78 and its two-hundred day simple moving average is C$192.17. The company has a market capitalization of C$304.92 billion, a price-to-earnings ratio of 16.35, a PEG ratio of 3.42 and a beta of 1.28.

Royal Bank of Canada Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 24th. Shareholders of record on Monday, November 24th were given a dividend of $1.54 per share. The ex-dividend date was Monday, October 27th. This represents a $6.16 annualized dividend and a yield of 2.8%. Royal Bank of Canada’s payout ratio is presently 44.78%.

Analyst Ratings Changes

Several brokerages have commented on RY. Jefferies Financial Group downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating and lifted their target price for the stock from C$213.00 to C$215.00 in a report on Tuesday, November 25th. Bank of America increased their target price on shares of Royal Bank of Canada from C$214.00 to C$227.00 in a research report on Thursday, August 28th. Canaccord Genuity Group boosted their price target on shares of Royal Bank of Canada from C$201.00 to C$219.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Raymond James Financial set a C$229.00 price objective on shares of Royal Bank of Canada and gave the stock an “outperform” rating in a research report on Tuesday, November 25th. Finally, TD Securities boosted their target price on shares of Royal Bank of Canada from C$208.00 to C$215.00 in a report on Monday, November 10th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$216.43.

About Royal Bank of Canada

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S.