Royal Bank of Canada (TSE:RY) Plans $1.38 Quarterly Dividend

Royal Bank of Canada (TSE:RY) (NYSE:RY) declared a quarterly dividend on Wednesday, April 24th, RTT News reports. Stockholders of record on Thursday, April 25th will be paid a dividend of 1.38 per share by the financial services provider on Friday, May 24th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date is Wednesday, April 24th.

Royal Bank of Canada Price Performance

Shares of RY opened at C$135.93 on Tuesday. The company has a market capitalization of C$191.66 billion, a price-to-earnings ratio of 12.62, a P/E/G ratio of 10.64 and a beta of 0.83. Royal Bank of Canada has a fifty-two week low of C$107.92 and a fifty-two week high of C$140.77. The business’s 50-day moving average is C$134.38 and its 200-day moving average is C$128.01.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its earnings results on Wednesday, February 28th. The financial services provider reported C$2.85 earnings per share for the quarter, beating analysts’ consensus estimates of C$2.79 by C$0.06. The company had revenue of C$13.49 billion for the quarter, compared to the consensus estimate of C$13.65 billion. Royal Bank of Canada had a return on equity of 13.66% and a net margin of 28.61%. Equities research analysts expect that Royal Bank of Canada will post 11.305 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Canaccord Genuity Group increased their price objective on Royal Bank of Canada from C$142.00 to C$146.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. BMO Capital Markets upgraded Royal Bank of Canada from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from C$140.00 to C$150.00 in a report on Friday, April 5th. Scotiabank increased their price target on Royal Bank of Canada from C$140.00 to C$143.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Finally, CIBC lowered their price target on Royal Bank of Canada from C$140.00 to C$135.00 and set a “neutral” rating on the stock in a report on Friday, March 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of C$137.65.

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.