Royal Bank of Canada (RY) Expected to Post FY2017 Earnings of $7.62 Per Share
Royal Bank of Canada (TSE:RY) (NYSE:RY) – Stock analysts at Cormark lifted their FY2017 EPS estimates for shares of Royal Bank of Canada in a report issued on Thursday. Cormark analyst M. Grauman now expects that the financial services provider will post earnings of $7.62 per share for the year, up from their prior estimate of $7.53. Cormark also issued estimates for Royal Bank of Canada’s Q4 2017 earnings at $1.97 EPS, Q1 2018 earnings at $2.00 EPS, Q2 2018 earnings at $1.98 EPS, Q3 2018 earnings at $2.07 EPS, Q4 2018 earnings at $2.05 EPS and FY2018 earnings at $8.10 EPS.
A number of other brokerages have also issued reports on RY. National Bank Financial reaffirmed a “sector perform” rating and set a C$99.00 price objective on shares of Royal Bank of Canada in a report on Friday, May 26th. Scotiabank raised their price target on Royal Bank of Canada from C$101.00 to C$102.00 and gave the stock an “outperform” rating in a research report on Friday, May 26th. BMO Capital Markets restated a “market perform” rating and issued a C$100.00 price target on shares of Royal Bank of Canada in a research report on Thursday. Eight Capital raised their price target on Royal Bank of Canada from C$102.00 to C$105.00 in a research report on Friday. Finally, Barclays PLC raised their price target on Royal Bank of Canada from C$94.20 to C$96.00 in a research report on Friday. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of C$99.75.
Royal Bank of Canada (TSE RY) opened at 93.25 on Friday. The firm’s 50 day moving average is $93.80 and its 200-day moving average is $95.01. The firm has a market cap of $135.95 billion and a price-to-earnings ratio of 12.74. Royal Bank of Canada has a 12 month low of $79.75 and a 12 month high of $99.90.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Thursday, October 26th will be paid a dividend of $0.91 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.87. This represents a $3.64 dividend on an annualized basis and a dividend yield of 3.90%.
In related news, insider Alex Douglas Mcgregor sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of C$92.79, for a total value of C$2,783,700.00. Also, Director David Ian Mckay sold 5,352 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of C$93.65, for a total value of C$501,214.80. Insiders have sold 46,116 shares of company stock worth $4,280,680 in the last 90 days.
About Royal Bank of Canada
Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
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