Q3 2024 Earnings Estimate for Royal Bank of Canada Issued By National Bank Financial (NYSE:RY)

Royal Bank of Canada (NYSE:RY) (TSE:RY) – Research analysts at National Bank Financial cut their Q3 2024 earnings per share (EPS) estimates for Royal Bank of Canada in a report released on Thursday, August 15th. National Bank Financial analyst G. Dechaine now expects that the financial services provider will post earnings of $2.18 per share for the quarter, down from their prior estimate of $2.22. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.51 per share. National Bank Financial also issued estimates for Royal Bank of Canada’s FY2024 earnings at $8.60 EPS.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its earnings results on Thursday, May 30th. The financial services provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.12. The firm had revenue of $10.43 billion during the quarter, compared to the consensus estimate of $9.95 billion. Royal Bank of Canada had a net margin of 12.12% and a return on equity of 14.87%.

Other research analysts also recently issued research reports about the stock. BMO Capital Markets downgraded shares of Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 31st. Argus raised their target price on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Jefferies Financial Group raised shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. Scotiabank raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. Finally, UBS Group started coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They issued a “buy” rating for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $133.25.

Royal Bank of Canada Price Performance

Shares of NYSE:RY opened at $111.81 on Monday. Royal Bank of Canada has a one year low of $77.90 and a one year high of $112.67. The stock has a market cap of $158.22 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 1.73 and a beta of 0.86. The business’s fifty day moving average price is $108.29 and its two-hundred day moving average price is $103.25. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87.

Royal Bank of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Thursday, July 25th will be issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.68%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.02. The ex-dividend date is Thursday, July 25th. Royal Bank of Canada’s dividend payout ratio is presently 51.49%.

Institutional Investors Weigh In On Royal Bank of Canada

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ridgewood Investments LLC purchased a new position in shares of Royal Bank of Canada in the 2nd quarter valued at $27,000. Ashton Thomas Private Wealth LLC purchased a new position in Royal Bank of Canada in the second quarter valued at about $33,000. First Horizon Advisors Inc. lifted its stake in shares of Royal Bank of Canada by 64.7% during the fourth quarter. First Horizon Advisors Inc. now owns 471 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 185 shares in the last quarter. Mather Group LLC. purchased a new stake in shares of Royal Bank of Canada in the first quarter worth about $49,000. Finally, Addison Advisors LLC grew its stake in shares of Royal Bank of Canada by 131.0% in the fourth quarter. Addison Advisors LLC now owns 529 shares of the financial services provider’s stock valued at $53,000 after buying an additional 300 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.