Royal Bank of Canada (TSE:RY) (NYSE:RY) – Analysts at National Bank Financial cut their Q2 2018 earnings per share (EPS) estimates for Royal Bank of Canada in a research note issued on Wednesday. National Bank Financial analyst G. Dechaine now forecasts that the financial services provider will earn $1.99 per share for the quarter, down from their previous forecast of $2.00. National Bank Financial currently has a “Sector Perform” rating and a $99.00 target price on the stock.
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A number of other brokerages also recently issued reports on RY. Eight Capital boosted their price objective on Royal Bank of Canada from C$102.00 to C$105.00 in a research note on Friday, August 25th. BMO Capital Markets reissued a “market perform” rating and issued a C$100.00 price objective on shares of Royal Bank of Canada in a research note on Thursday, August 24th. Barclays PLC boosted their price objective on Royal Bank of Canada from C$94.20 to C$96.00 in a research note on Friday, August 25th. Finally, Scotiabank downgraded Royal Bank of Canada from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from C$102.00 to C$100.00 in a research note on Monday, August 21st. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of C$99.75.
Royal Bank of Canada (RY) opened at 92.84 on Monday. The stock has a market cap of $135.36 billion and a PE ratio of 12.68. Royal Bank of Canada has a 52 week low of $79.75 and a 52 week high of $99.90. The company has a 50-day moving average price of $93.80 and a 200-day moving average price of $95.01.
In related news, insider Jennifer Anne Tory sold 364 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of C$91.78, for a total transaction of C$33,407.92. Also, insider Alex Douglas Mcgregor sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of C$92.79, for a total value of C$2,783,700.00. Over the last ninety days, insiders have sold 46,116 shares of company stock worth $4,280,680.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Thursday, October 26th will be paid a dividend of $0.91 per share. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.87. This represents a $3.64 dividend on an annualized basis and a yield of 3.92%.
About Royal Bank of Canada
Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
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