Q2 2022 EPS Estimates for Royal Bank of Canada (NYSE:RY) Reduced by Desjardins

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) – Desjardins cut their Q2 2022 earnings estimates for shares of Royal Bank of Canada in a research report issued on Monday, May 9th. Desjardins analyst D. Young now expects that the financial services provider will post earnings per share of $2.09 for the quarter, down from their previous forecast of $2.13.

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) last issued its quarterly earnings results on Thursday, February 24th. The financial services provider reported $2.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.13. Royal Bank of Canada had a return on equity of 18.28% and a net margin of 28.16%. The firm had revenue of $10.37 billion for the quarter.

RY has been the topic of several other reports. StockNews.com initiated coverage on Royal Bank of Canada in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Canaccord Genuity Group lowered Royal Bank of Canada from a “buy” rating to a “hold” rating and lifted their price objective for the company from $141.00 to $148.00 in a research note on Monday, February 7th. Canaccord Genuity Group lowered Royal Bank of Canada from a “buy” rating to a “hold” rating and lifted their price objective for the company from $141.00 to $148.00 in a research note on Monday, February 7th. Zacks Investment Research lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, February 25th. Finally, Scotiabank reduced their price objective on Royal Bank of Canada from C$163.00 to C$150.00 in a research note on Wednesday, April 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $143.34.

Shares of NYSE:RY opened at $98.05 on Thursday. The stock’s 50-day moving average price is $107.15 and its two-hundred day moving average price is $107.76. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 12-month low of $95.02 and a 12-month high of $119.41. The firm has a market cap of $138.01 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 2.08 and a beta of 0.90.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 24th. Shareholders of record on Monday, April 25th will be issued a dividend of $0.944 per share. The ex-dividend date is Friday, April 22nd. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.94. This represents a $3.78 annualized dividend and a yield of 3.85%. Royal Bank of Canada’s payout ratio is currently 42.71%.

Hedge funds have recently bought and sold shares of the business. Blue Bell Private Wealth Management LLC purchased a new stake in Royal Bank of Canada during the 4th quarter worth approximately $37,000. Stonehage Fleming Financial Services Holdings Ltd grew its position in shares of Royal Bank of Canada by 54.0% in the 4th quarter. Stonehage Fleming Financial Services Holdings Ltd now owns 385 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 135 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of Royal Bank of Canada by 930.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 443 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 400 shares in the last quarter. Allegheny Financial Group LTD acquired a new position in shares of Royal Bank of Canada in the 4th quarter worth approximately $48,000. Finally, First Horizon Advisors Inc. grew its position in shares of Royal Bank of Canada by 64.1% in the 3rd quarter. First Horizon Advisors Inc. now owns 525 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 205 shares in the last quarter. Institutional investors own 41.50% of the company’s stock.

About Royal Bank of Canada (Get Rating)

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.

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Earnings History and Estimates for Royal Bank of Canada (NYSE:RY)

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