Royal Bank of Canada (NYSE:RY) to Issue Quarterly Dividend of $1.00

Posted by ABMN Staff on May 26th, 2023

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) declared a quarterly dividend on Thursday, May 25th, Zacks reports. Stockholders of record on Wednesday, July 26th will be given a dividend of 0.996 per share by the financial services provider on Thursday, August 24th. This represents a $3.98 annualized dividend and a dividend yield of 4.47%. The ex-dividend date is Tuesday, July 25th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.99.

Royal Bank of Canada has increased its dividend payment by an average of 7.1% per year over the last three years. Royal Bank of Canada has a dividend payout ratio of 42.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Royal Bank of Canada to earn $9.27 per share next year, which means the company should continue to be able to cover its $3.93 annual dividend with an expected future payout ratio of 42.4%.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock opened at $89.10 on Friday. Royal Bank of Canada has a one year low of $83.63 and a one year high of $106.43. The firm has a market capitalization of $123.91 billion, a price-to-earnings ratio of 11.07, a PEG ratio of 1.62 and a beta of 0.82. The business has a 50-day simple moving average of $96.24 and a 200 day simple moving average of $97.92. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.89.

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last issued its earnings results on Wednesday, March 1st. The financial services provider reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.17 by $0.09. Royal Bank of Canada had a return on equity of 16.17% and a net margin of 18.77%. The business had revenue of $11.21 billion during the quarter, compared to analyst estimates of $9.67 billion. On average, research analysts anticipate that Royal Bank of Canada will post 8.62 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on RY shares. Desjardins boosted their target price on Royal Bank of Canada from C$145.00 to C$147.00 in a research report on Tuesday, February 7th. StockNews.com assumed coverage on Royal Bank of Canada in a report on Thursday, May 18th. They set a “hold” rating for the company. Barclays lowered Royal Bank of Canada from an “overweight” rating to an “underweight” rating in a report on Tuesday, May 9th. Finally, CIBC lowered Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a report on Tuesday, May 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada currently has an average rating of “Hold” and a consensus target price of $138.33.

Hedge Funds Weigh In On Royal Bank of Canada

A number of hedge funds and other institutional investors have recently modified their holdings of RY. BlackRock Inc. boosted its stake in shares of Royal Bank of Canada by 5.3% in the 1st quarter. BlackRock Inc. now owns 817,482 shares of the financial services provider’s stock worth $90,144,000 after buying an additional 41,346 shares during the last quarter. Raymond James Trust N.A. boosted its stake in shares of Royal Bank of Canada by 5.7% in the 1st quarter. Raymond James Trust N.A. now owns 7,030 shares of the financial services provider’s stock worth $775,000 after buying an additional 382 shares during the last quarter. Blair William & Co. IL boosted its stake in shares of Royal Bank of Canada by 2.0% in the 1st quarter. Blair William & Co. IL now owns 23,498 shares of the financial services provider’s stock worth $2,591,000 after buying an additional 458 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Royal Bank of Canada by 47.1% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,942 shares of the financial services provider’s stock worth $545,000 after buying an additional 1,582 shares during the last quarter. Finally, Thomas White International Ltd. boosted its stake in shares of Royal Bank of Canada by 4.6% in the 1st quarter. Thomas White International Ltd. now owns 15,778 shares of the financial services provider’s stock worth $1,740,000 after buying an additional 701 shares during the last quarter. Hedge funds and other institutional investors own 41.19% of the company’s stock.

Royal Bank of Canada Company Profile

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Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.