Q2 2023 EPS Estimates for Royal Bank of Canada (NYSE:RY) Reduced by Analyst

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) – Equities researchers at Cormark reduced their Q2 2023 earnings per share estimates for Royal Bank of Canada in a research note issued on Tuesday, May 23rd. Cormark analyst L. Persaud now forecasts that the financial services provider will post earnings of $2.14 per share for the quarter, down from their prior forecast of $2.18. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.62 per share.

Other analysts also recently issued research reports about the company. Desjardins upped their price target on Royal Bank of Canada from C$145.00 to C$147.00 in a research note on Tuesday, February 7th. CIBC downgraded Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a research note on Tuesday, May 16th. Barclays downgraded Royal Bank of Canada from an “overweight” rating to an “underweight” rating in a research note on Tuesday, May 9th. Finally, StockNews.com assumed coverage on Royal Bank of Canada in a research note on Thursday, May 18th. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $138.33.

Royal Bank of Canada Stock Performance

Shares of NYSE RY opened at $89.10 on Wednesday. The business’s 50-day moving average price is $96.24 and its two-hundred day moving average price is $97.92. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.89. Royal Bank of Canada has a one year low of $83.63 and a one year high of $106.43. The company has a market capitalization of $123.91 billion, a P/E ratio of 11.07, a price-to-earnings-growth ratio of 1.66 and a beta of 0.82.

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last posted its quarterly earnings results on Wednesday, March 1st. The financial services provider reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.17 by $0.09. The firm had revenue of $11.21 billion for the quarter, compared to analyst estimates of $9.67 billion. Royal Bank of Canada had a return on equity of 16.17% and a net margin of 18.77%.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 24th. Investors of record on Tuesday, April 25th were given a dividend of $0.992 per share. The ex-dividend date was Monday, April 24th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.98. This represents a $3.97 dividend on an annualized basis and a yield of 4.45%. Royal Bank of Canada’s dividend payout ratio is 48.45%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Royal Bank of Canada by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 50,653,309 shares of the financial services provider’s stock worth $4,560,824,000 after purchasing an additional 1,191,987 shares during the last quarter. Bank of Nova Scotia boosted its position in shares of Royal Bank of Canada by 11.0% in the 4th quarter. Bank of Nova Scotia now owns 24,144,366 shares of the financial services provider’s stock worth $2,269,999,000 after purchasing an additional 2,392,959 shares during the last quarter. Toronto Dominion Bank boosted its position in shares of Royal Bank of Canada by 10.6% in the 1st quarter. Toronto Dominion Bank now owns 21,119,042 shares of the financial services provider’s stock worth $2,023,058,000 after purchasing an additional 2,029,807 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Royal Bank of Canada by 5.1% in the 1st quarter. National Bank of Canada FI now owns 18,183,866 shares of the financial services provider’s stock worth $1,737,263,000 after purchasing an additional 890,328 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Royal Bank of Canada in the 4th quarter worth $1,583,609,000. 41.19% of the stock is currently owned by institutional investors.

Royal Bank of Canada Company Profile

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Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.