Royal Bank of Canada (NYSE:RY) Declares $1.03 Quarterly Dividend

Royal Bank of Canada (NYSE:RY) (TSE:RY) declared a quarterly dividend on Wednesday, August 28th, Zacks reports. Shareholders of record on Thursday, October 24th will be paid a dividend of 1.028 per share by the financial services provider on Friday, November 22nd. This represents a $4.11 annualized dividend and a yield of 3.29%. The ex-dividend date is Thursday, October 24th.

Royal Bank of Canada has raised its dividend payment by an average of 7.6% per year over the last three years and has raised its dividend annually for the last 14 consecutive years. Royal Bank of Canada has a payout ratio of 43.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Royal Bank of Canada to earn $9.55 per share next year, which means the company should continue to be able to cover its $4.13 annual dividend with an expected future payout ratio of 43.2%.

Royal Bank of Canada Stock Performance

Shares of RY opened at $124.99 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $176.69 billion, a PE ratio of 15.11, a PEG ratio of 2.06 and a beta of 0.86. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $126.96. The stock’s fifty day moving average price is $120.67 and its two-hundred day moving average price is $110.69.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. The business had revenue of $10.68 billion for the quarter, compared to analysts’ expectations of $10.40 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. On average, equities research analysts forecast that Royal Bank of Canada will post 8.91 EPS for the current year.

Analysts Set New Price Targets

RY has been the topic of several analyst reports. UBS Group began coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They set a “buy” rating on the stock. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Finally, BMO Capital Markets increased their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $142.50.

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.