FY2024 Earnings Forecast for TSE:RY Issued By Desjardins

Royal Bank of Canada (TSE:RY) (NYSE:RY) – Stock analysts at Desjardins boosted their FY2024 earnings estimates for shares of Royal Bank of Canada in a report released on Friday, November 1st. Desjardins analyst D. Young now forecasts that the financial services provider will post earnings of $11.96 per share for the year, up from their previous forecast of $11.85. Desjardins currently has a “Buy” rating and a $163.00 target price on the stock. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $12.35 per share. Desjardins also issued estimates for Royal Bank of Canada’s Q4 2024 earnings at $2.93 EPS and FY2025 earnings at $12.45 EPS.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 EPS for the quarter, beating analysts’ consensus estimates of C$2.95 by C$0.31. Royal Bank of Canada had a net margin of 28.67% and a return on equity of 13.68%. The business had revenue of C$14.63 billion for the quarter, compared to analyst estimates of C$14.27 billion.

Several other research firms have also recently weighed in on RY. Canaccord Genuity Group increased their price objective on shares of Royal Bank of Canada from C$159.50 to C$172.00 in a research report on Thursday, August 29th. Jefferies Financial Group reduced their price target on shares of Royal Bank of Canada from C$168.00 to C$165.00 and set a “buy” rating for the company in a report on Monday, August 12th. TD Securities raised their price objective on shares of Royal Bank of Canada from C$171.00 to C$178.00 in a research note on Thursday, August 29th. BMO Capital Markets raised their price objective on shares of Royal Bank of Canada from C$151.00 to C$165.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Cormark boosted their price target on shares of Royal Bank of Canada from C$166.00 to C$171.00 in a report on Thursday, August 29th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of C$163.38.

Royal Bank of Canada Stock Up 0.2 %

Shares of TSE:RY opened at C$170.42 on Monday. The company’s 50 day moving average price is C$167.32 and its two-hundred day moving average price is C$153.30. Royal Bank of Canada has a 12-month low of C$115.28 and a 12-month high of C$175.04. The firm has a market cap of C$240.29 billion, a PE ratio of 15.09, a PEG ratio of 3.42 and a beta of 0.84.

Insiders Place Their Bets

In related news, Director David Ian Mckay sold 74,852 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of C$164.59, for a total value of C$12,320,115.24. In other Royal Bank of Canada news, Director David Ian Mckay sold 74,852 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of C$164.59, for a total transaction of C$12,320,115.24. Also, Senior Officer Douglas Antony Guzman sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of C$164.60, for a total transaction of C$1,646,000.00. Following the sale, the insider now directly owns 25 shares in the company, valued at approximately C$4,115. The trade was a 0.00 % decrease in their position. In the last ninety days, insiders sold 144,770 shares of company stock worth $23,959,265.

Royal Bank of Canada Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 22nd will be issued a $1.42 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $5.68 annualized dividend and a yield of 3.33%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 50.31%.

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.