Royal Bank of Canada (NYSE:RY) to Issue $1.03 Quarterly Dividend

Royal Bank of Canada (NYSE:RY) (TSE:RY) declared a quarterly dividend on Friday, February 28th, Wall Street Journal reports. Investors of record on Thursday, April 24th will be given a dividend of 1.0251 per share by the financial services provider on Friday, May 23rd. This represents a $4.10 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend is Thursday, April 24th.

Royal Bank of Canada has raised its dividend payment by an average of 8.7% per year over the last three years and has increased its dividend every year for the last 14 years. Royal Bank of Canada has a dividend payout ratio of 41.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Royal Bank of Canada to earn $10.10 per share next year, which means the company should continue to be able to cover its $4.09 annual dividend with an expected future payout ratio of 40.5%.

Royal Bank of Canada Price Performance

NYSE:RY opened at $118.17 on Friday. The business’s 50-day moving average price is $120.14 and its 200 day moving average price is $121.54. The firm has a market cap of $167.13 billion, a P/E ratio of 14.31, a PEG ratio of 1.80 and a beta of 0.87. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11.

Analyst Ratings Changes

A number of equities analysts recently weighed in on RY shares. BMO Capital Markets dropped their price target on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research note on Thursday, December 5th. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, Barclays raised Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Royal Bank of Canada has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

About Royal Bank of Canada

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.