Royal Bank of Canada (RY) to Issue Quarterly Dividend of $1.76 on November 24th

Royal Bank of Canada (TSE:RY) (NYSE:RY) declared a quarterly dividend on Monday, October 26th. Stockholders of record on Tuesday, November 24th will be paid a dividend of $1.76 per share by the financial services provider on Tuesday, November 24th. This represents a $7.04 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Monday, October 26th.

Royal Bank of Canada Trading Down 0.4%

RY traded down C$1.01 during trading on Friday, hitting C$281.77. 2,975,619 shares of the company’s stock were exchanged, compared to its average volume of 3,461,987. Royal Bank of Canada has a 1 year low of C$201.76 and a 1 year high of C$306.38. The stock has a 50 day moving average price of C$283.33 and a 200 day moving average price of C$276.08. The firm has a market cap of C$390.09 billion, a P/E ratio of 17.77, a price-to-earnings-growth ratio of 3.42 and a beta of 0.97.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its quarterly earnings data on Thursday, August 27th. The financial services provider reported C$4.28 earnings per share (EPS) for the quarter. Royal Bank of Canada had a net margin of 15.92% and a return on equity of 16.11%. The company had revenue of C$18.54 billion for the quarter. Analysts forecast that Royal Bank of Canada will post 12.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RY shares. Canadian Imperial Bank of Commerce lowered their target price on shares of Royal Bank of Canada from C$311.00 to C$300.00 and set a “neutral” rating for the company in a research note on Thursday, September 3rd. Raymond James Financial raised their price target on shares of Royal Bank of Canada from C$270.50 to C$306.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 12th. Jefferies Financial Group lifted their price target on shares of Royal Bank of Canada from C$268.00 to C$271.00 in a report on Thursday, September 3rd. Scotia increased their price objective on shares of Royal Bank of Canada from C$311.00 to C$312.00 and gave the stock a “sector outperform” rating in a research note on Friday, August 28th. Finally, National Bank Financial raised their target price on shares of Royal Bank of Canada from C$318.00 to C$321.00 and gave the stock an “outperform” rating in a report on Sunday, August 30th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of C$292.86.

Royal Bank of Canada Company Profile

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.