Analysts Offer Predictions for Royal Bank Of Canada’s FY2016 Earnings (RY)
Royal Bank Of Canada (NYSE:RY) – Investment analysts at Cormark lowered their FY2016 earnings per share estimates for shares of Royal Bank Of Canada in a note issued to investors on Wednesday. Cormark analyst M. Grauman now forecasts that the brokerage will earn $5.13 per share for the year, down from their previous forecast of $5.24. Cormark also issued estimates for Royal Bank Of Canada’s FY2017 earnings at $5.42 EPS and FY2018 earnings at $5.80 EPS.
Other equities research analysts have also issued reports about the stock. Barclays PLC reissued an “underweight” rating and set a $72.00 target price (up from $67.00) on shares of Royal Bank Of Canada in a report on Sunday, August 21st. Canaccord Genuity reissued a “hold” rating on shares of Royal Bank Of Canada in a report on Tuesday, July 19th. Argus reissued a “buy” rating and set a $71.00 target price (up from $69.00) on shares of Royal Bank Of Canada in a report on Thursday, August 25th. Citigroup Inc. boosted their target price on shares of Royal Bank Of Canada from $88.00 to $89.00 and gave the stock a “buy” rating in a report on Monday, August 15th. Finally, Bank of America Corp. assumed coverage on shares of Royal Bank Of Canada in a report on Tuesday, November 1st. They set an “underperform” rating on the stock. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $83.70.
Shares of Royal Bank Of Canada (NYSE:RY) opened at 63.47 on Friday. The firm has a market capitalization of $94.17 billion, a price-to-earnings ratio of 12.39 and a beta of 1.19. The company’s 50 day moving average is $62.35 and its 200-day moving average is $61.33. Royal Bank Of Canada has a one year low of $44.37 and a one year high of $64.31.
Royal Bank Of Canada (NYSE:RY) last issued its quarterly earnings data on Wednesday, August 24th. The company reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.39. Royal Bank Of Canada had a net margin of 22.91% and a return on equity of 16.36%. The business had revenue of $10.26 billion for the quarter, compared to analyst estimates of $7.27 billion. During the same period last year, the business posted $1.66 earnings per share.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cohen & Steers Inc. bought a new position in Royal Bank Of Canada during the second quarter worth about $19,755,000. Mackenzie Financial Corp acquired a new position in Royal Bank Of Canada during the second quarter valued at $417,460,000. Emerald Acquisition Ltd. acquired a new position in Royal Bank Of Canada during the second quarter valued at $207,239,000. Vanguard Group Inc. increased its position in Royal Bank Of Canada by 12.0% in the second quarter. Vanguard Group Inc. now owns 28,178,728 shares of the company’s stock valued at $1,665,080,000 after buying an additional 3,008,391 shares during the last quarter. Finally, FMR LLC increased its position in Royal Bank Of Canada by 10.6% in the second quarter. FMR LLC now owns 30,229,683 shares of the company’s stock valued at $1,786,240,000 after buying an additional 2,901,424 shares during the last quarter. Institutional investors own 45.04% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 24th. Investors of record on Wednesday, October 26th will be given a dividend of $0.6449 per share. This represents a $2.58 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date is Monday, October 24th. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $0.62. Royal Bank Of Canada’s payout ratio is presently 50.60%.
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. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
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