Cormark Equities Analysts Reduce Earnings Estimates for Royal Bank of Canada (RY)

Royal Bank of Canada (TSE:RY) (NYSE:RY) – Research analysts at Cormark decreased their Q3 2019 earnings per share estimates for Royal Bank of Canada in a note issued to investors on Thursday, May 23rd. Cormark analyst M. Grauman now expects that the financial services provider will earn $2.33 per share for the quarter, down from their previous estimate of $2.34.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its earnings results on Friday, February 22nd. The financial services provider reported C$2.19 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$2.19. The business had revenue of C$11.59 billion for the quarter, compared to the consensus estimate of C$10.93 billion.

Several other brokerages have also issued reports on RY. CSFB set a C$109.00 target price on shares of Royal Bank of Canada and gave the company a “neutral” rating in a research report on Thursday, May 16th. Desjardins upped their price target on shares of Royal Bank of Canada from C$108.00 to C$111.00 in a research report on Tuesday, May 14th. Canaccord Genuity dropped their price target on shares of Royal Bank of Canada from C$108.00 to C$105.00 in a research report on Wednesday, May 15th. National Bank Financial upped their price target on shares of Royal Bank of Canada from C$110.00 to C$112.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, BMO Capital Markets upped their price target on shares of Royal Bank of Canada from C$110.00 to C$114.00 in a research report on Friday.

Shares of TSE RY opened at C$103.89 on Friday. The company has a market cap of $149.11 billion and a P/E ratio of 12.22. Royal Bank of Canada has a 12-month low of C$90.10 and a 12-month high of C$107.91.

In other Royal Bank of Canada news, Director David Ian Mckay sold 8,258 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of C$104.79, for a total value of C$865,314.53. Following the completion of the transaction, the director now directly owns 5,873 shares in the company, valued at C$615,402.31. Also, Senior Officer Alex Douglas Mcgregor sold 11,736 shares of the company’s stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of C$102.36, for a total transaction of C$1,201,291.09. Following the completion of the transaction, the insider now owns 56,175 shares of the company’s stock, valued at C$5,750,044.91. Over the last quarter, insiders sold 38,894 shares of company stock valued at $4,041,077.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Thursday, July 25th will be given a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 3.93%. Royal Bank of Canada’s payout ratio is currently 45.17%.

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 check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.

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

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