Royal Bank of Canada (RY) to Issue Quarterly Dividend of $1.03 on November 22nd

Royal Bank of Canada (NYSE:RY) (TSE:RY) declared a quarterly dividend on Wednesday, August 28th, Zacks reports. Investors of record on Thursday, October 24th will be paid a dividend of 1.028 per share by the financial services provider on Friday, November 22nd. This represents a $4.11 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Thursday, October 24th.

Royal Bank of Canada has increased its dividend by an average of 7.6% annually over the last three years and has increased its dividend every year for the last 14 years. Royal Bank of Canada has a payout ratio of 46.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Royal Bank of Canada to earn $9.27 per share next year, which means the company should continue to be able to cover its $4.21 annual dividend with an expected future payout ratio of 45.4%.

Royal Bank of Canada Trading Up 0.3 %

NYSE:RY opened at $119.20 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $168.68 billion, a price-to-earnings ratio of 14.79, a PEG ratio of 1.75 and a beta of 0.86. The firm has a fifty day simple moving average of $109.92 and a two-hundred day simple moving average of $104.19. Royal Bank of Canada has a 12 month low of $77.90 and a 12 month high of $120.68.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. The business had revenue of $10.68 billion during the quarter, compared to analysts’ expectations of $10.40 billion. Royal Bank of Canada had a net margin of 12.12% and a return on equity of 14.87%. Analysts expect that Royal Bank of Canada will post 8.5 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on RY. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Argus lifted their price objective on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Scotiabank upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a report on Friday, May 17th. BMO Capital Markets lifted their price objective on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday. Finally, UBS Group assumed coverage on shares of Royal Bank of Canada in a report on Tuesday, July 2nd. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Royal Bank of Canada currently has a consensus rating of “Moderate Buy” and an average price target of $142.50.

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.