National Bank Financial Comments on Royal Bank of Canada’s FY2016 Earnings (RY)
Royal Bank of Canada (TSE:RY) – Stock analysts at National Bank Financial lowered their FY2016 earnings per share (EPS) estimates for shares of Royal Bank of Canada in a research note issued to investors on Thursday. National Bank Financial analyst P. Routledge now forecasts that the firm will post earnings per share of $6.87 for the year, down from their previous estimate of $6.91. National Bank Financial also issued estimates for Royal Bank of Canada’s Q2 2017 earnings at $1.73 EPS, Q3 2017 earnings at $1.79 EPS, FY2017 earnings at $7.11 EPS and FY2018 earnings at $7.37 EPS.
Several other research firms also recently issued reports on RY. Desjardins upped their price objective on Royal Bank of Canada from C$86.00 to C$89.00 in a report on Monday. Canaccord Genuity upped their price objective on Royal Bank of Canada from C$85.00 to C$89.00 and gave the stock a “buy” rating in a report on Thursday, October 13th. Bank of America Corp. upped their target price on shares of Royal Bank of Canada from C$75.00 to C$76.00 and gave the company an “underperform” rating in a research report on Thursday, August 25th. CSFB dropped their target price on shares of Royal Bank of Canada from C$100.00 to C$96.00 and set an “outperform” rating for the company in a research report on Thursday, August 25th. Finally, Scotiabank upped their target price on shares of Royal Bank of Canada from C$85.00 to C$86.00 and gave the company an “outperform” rating in a research report on Thursday, August 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of C$85.46.
Shares of Royal Bank of Canada (TSE:RY) opened at 86.63 on Monday. Royal Bank of Canada has a 52-week low of $64.52 and a 52-week high of $86.82. The firm has a market cap of $128.54 billion and a PE ratio of 12.62. The company’s 50-day moving average price is $82.95 and its 200-day moving average price is $80.14.
In other Royal Bank of Canada news, insider Janice Rose Fukakusa sold 62,960 shares of the stock in a transaction dated 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 company also recently announced a quarterly dividend, which will be paid on Thursday, November 24th. Shareholders of record on Wednesday, October 26th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date is Monday, October 24th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.81.
About Royal Bank of Canada
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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