Desjardins Has Bullish Outlook for TSE:RY FY2024 Earnings

Royal Bank of Canada (TSE:RY) (NYSE:RY) – Analysts at Desjardins boosted their FY2024 EPS estimates for shares of Royal Bank of Canada in a research report issued on Friday, November 1st. Desjardins analyst D. Young now forecasts that the financial services provider will earn $11.96 per share for the year, up from their prior estimate of $11.85. Desjardins has a “Buy” rating and a $163.00 price target 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 issued its quarterly earnings data on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$2.95 by C$0.31. Royal Bank of Canada had a return on equity of 13.68% and a net margin of 28.67%. The company had revenue of C$14.63 billion for the quarter, compared to the consensus estimate of C$14.27 billion.

A number of other equities research analysts also recently weighed in on RY. BMO Capital Markets raised their target price 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. TD Securities raised their price objective on shares of Royal Bank of Canada from C$171.00 to C$178.00 in a research report on Thursday, August 29th. National Bankshares lifted their price objective on shares of Royal Bank of Canada from C$160.00 to C$169.00 in a report on Thursday, August 29th. Barclays raised their price target on Royal Bank of Canada from C$145.00 to C$150.00 in a research report on Tuesday, August 20th. Finally, CIBC upped their price objective on Royal Bank of Canada from C$166.00 to C$167.00 in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Royal Bank of Canada presently has an average rating of “Buy” and an average target price of C$163.38.

Royal Bank of Canada Stock Up 1.0 %

TSE:RY opened at C$170.12 on Monday. The stock has a market cap of C$239.87 billion, a P/E ratio of 15.07, a PEG ratio of 3.42 and a beta of 0.84. The business’s 50-day moving average price is C$166.67 and its two-hundred day moving average price is C$152.79. Royal Bank of Canada has a twelve month low of C$111.66 and a twelve month high of C$175.04.

Royal Bank of Canada Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 22nd will be given a $1.42 dividend. This represents a $5.68 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is 50.31%.

Insider Buying and Selling at Royal Bank of Canada

In other news, Senior Officer Douglas Antony Guzman sold 17,000 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of C$167.95, for a total transaction of C$2,855,150.00. Following the transaction, the insider now directly owns 25 shares of the company’s stock, valued at C$4,198.75. This represents a 0.00 % decrease in their position. In other news, Director David Ian Mckay sold 74,852 shares of Royal Bank of Canada stock in a transaction that occurred on 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 17,000 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of C$167.95, for a total transaction of C$2,855,150.00. Following the transaction, the insider now directly owns 25 shares of the company’s stock, valued at C$4,198.75. This trade represents a 0.00 % decrease in their position. In the last 90 days, insiders have sold 144,770 shares of company stock worth $23,959,265.

Royal Bank of Canada Company Profile

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.