Royal Bank of Canada (TSE:RY) (NYSE:RY) – Cormark reduced their Q1 2020 earnings per share (EPS) estimates for Royal Bank of Canada in a note issued to investors on Thursday, December 5th. Cormark analyst M. Grauman now forecasts that the financial services provider will post earnings per share of $2.36 for the quarter, down from their prior forecast of $2.40. Cormark also issued estimates for Royal Bank of Canada’s Q2 2020 earnings at $2.32 EPS, Q3 2020 earnings at $2.40 EPS, Q4 2020 earnings at $2.38 EPS and FY2020 earnings at $9.46 EPS.
RY has been the topic of several other research reports. Eight Capital dropped their price target on shares of Royal Bank of Canada from C$114.00 to C$113.00 in a research report on Wednesday, September 4th. CIBC raised Royal Bank of Canada from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from C$109.00 to C$120.00 in a report on Thursday, November 21st. BMO Capital Markets lowered their price objective on Royal Bank of Canada from C$114.00 to C$109.00 in a research note on Thursday, August 22nd. National Bank Financial dropped their target price on Royal Bank of Canada from C$117.00 to C$116.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Desjardins lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Royal Bank of Canada currently has an average rating of “Buy” and a consensus price target of C$112.45.
The company also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, January 27th will be issued a $1.05 dividend. The ex-dividend date of this dividend is Friday, January 24th. This represents a $4.20 annualized dividend and a dividend yield of 4.00%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.03. Royal Bank of Canada’s dividend payout ratio is currently 46.43%.
In other news, Senior Officer Alex Douglas Mcgregor sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of C$100.96, for a total value of C$1,009,557.00. Following the completion of the transaction, the insider now directly owns 54,675 shares of the company’s stock, valued at C$5,519,752.90. Also, Senior Officer Helena Gottschling sold 882 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of C$107.98, for a total value of C$95,240.12. Following the completion of the transaction, the insider now directly owns 1,415 shares of the company’s stock, valued at C$152,794.53. In the last quarter, insiders sold 47,398 shares of company stock valued at $5,009,563.
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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