FY2016 EPS Estimates for Royal Bank of Canada (RY) Boosted by Analyst
Royal Bank of Canada (TSE:RY) – Equities researchers at Cormark raised their FY2016 earnings per share estimates for shares of Royal Bank of Canada in a research report issued on Wednesday. Cormark analyst M. Grauman now forecasts that the firm will post earnings of $6.84 per share for the year, up from their prior estimate of $6.80. Cormark also issued estimates for Royal Bank of Canada’s Q4 2016 earnings at $1.73 EPS, FY2017 earnings at $7.22 EPS and FY2018 earnings at $7.73 EPS.
RY has been the subject of several other reports. Scotiabank boosted their price objective on Royal Bank of Canada from C$85.00 to C$86.00 and gave the stock an “outperform” rating in a research report on Thursday, August 25th. CIBC boosted their price objective on Royal Bank of Canada from C$84.00 to C$87.00 in a research report on Friday, September 2nd. Barclays PLC boosted their price objective on Royal Bank of Canada from C$72.00 to C$74.00 and gave the stock an “underweight” rating in a research report on Thursday, August 25th. TD Securities boosted their price objective on Royal Bank of Canada from C$81.00 to C$86.00 and gave the stock a “hold” rating in a research report on Thursday, August 25th. Finally, Bank of America Corp. boosted their price objective on Royal Bank of Canada from C$75.00 to C$76.00 and gave the stock an “underperform” rating in a research report on Thursday, August 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of C$85.23.
Royal Bank of Canada (TSE:RY) opened at 85.98 on Friday. The firm’s 50-day moving average price is $82.80 and its 200 day moving average price is $80.04. The stock has a market cap of $127.57 billion and a P/E ratio of 12.53. Royal Bank of Canada has a 52-week low of $64.52 and a 52-week high of $86.09.
In other news, insider Janice Rose Fukakusa sold 62,960 shares of the stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of C$81.08, for a total transaction of C$5,104,796.80.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 24th. Stockholders of record on Wednesday, October 26th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend is Monday, October 24th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.81.
Royal Bank of Canada Company Profile
Royal Bank of Canada (RBC) is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. It operates in five segments: Personal & Commercial Banking, which operates comprises its personal and business banking operations, as well as its auto financing and retail investment businesses; Wealth Management, which comprises Canadian Wealth Management, United States and International Wealth Management and Global Asset Management (GAM); Insurance, which operates under two business lines: Canadian Insurance and International Insurance; Investor & Treasury Services, which is a provider of asset servicing, custody, payments and treasury services, and Capital Markets, which comprises two business lines: Corporate and Investment Banking and Global Markets.
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