Royal Bank of Canada (NYSE:RY) Declares Quarterly Dividend of $1.00

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) announced a quarterly dividend on Thursday, May 26th, Zacks reports. Shareholders of record on Tuesday, July 26th will be given a dividend of 0.995 per share by the financial services provider on Wednesday, August 24th. This represents a $3.98 annualized dividend and a yield of 3.86%. The ex-dividend date is Monday, July 25th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.94.

Royal Bank of Canada has raised its dividend payment by an average of 6.4% annually over the last three years. Royal Bank of Canada has a dividend payout ratio of 40.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Royal Bank of Canada to earn $9.27 per share next year, which means the company should continue to be able to cover its $3.81 annual dividend with an expected future payout ratio of 41.1%.

RY opened at $103.04 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $144.62 billion, a PE ratio of 11.46, a PEG ratio of 2.06 and a beta of 0.90. Royal Bank of Canada has a 1-year low of $95.02 and a 1-year high of $119.41. The firm has a 50-day moving average price of $105.21 and a two-hundred day moving average price of $107.35.

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last issued its earnings results on Thursday, February 24th. The financial services provider reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.13. The company had revenue of $10.37 billion for the quarter. Royal Bank of Canada had a net margin of 28.16% and a return on equity of 18.28%. On average, research analysts predict that Royal Bank of Canada will post 8.67 EPS for the current year.

Several research analysts have recently issued reports on the stock. Stifel Nicolaus reduced their target price on shares of Royal Bank of Canada from C$152.00 to C$150.00 in a research note on Friday, April 8th. Credit Suisse Group reduced their target price on shares of Royal Bank of Canada from C$153.00 to C$152.00 in a research note on Friday. Scotiabank reduced their target price on shares of Royal Bank of Canada from C$150.00 to C$147.00 in a research note on Friday, May 20th. CIBC raised shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research note on Monday, April 11th. Finally, BMO Capital Markets lowered their price objective on shares of Royal Bank of Canada from C$142.00 to C$140.00 in a report on Friday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Royal Bank of Canada has a consensus rating of “Buy” and a consensus target price of $144.05.

Several large investors have recently added to or reduced their stakes in the business. UBS Group AG boosted its position in shares of Royal Bank of Canada by 11.5% in the first quarter. UBS Group AG now owns 624,317 shares of the financial services provider’s stock valued at $68,843,000 after acquiring an additional 64,168 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Royal Bank of Canada by 1.8% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,038,700 shares of the financial services provider’s stock valued at $334,852,000 after acquiring an additional 54,400 shares during the period. Parametric Portfolio Associates LLC boosted its position in shares of Royal Bank of Canada by 8.1% in the fourth quarter. Parametric Portfolio Associates LLC now owns 655,241 shares of the financial services provider’s stock valued at $69,547,000 after acquiring an additional 48,822 shares during the period. Eaton Vance Management boosted its position in shares of Royal Bank of Canada by 36.2% in the first quarter. Eaton Vance Management now owns 164,109 shares of the financial services provider’s stock valued at $18,092,000 after acquiring an additional 43,595 shares during the period. Finally, Allianz Asset Management GmbH lifted its position in Royal Bank of Canada by 32.1% during the fourth quarter. Allianz Asset Management GmbH now owns 174,099 shares of the financial services provider’s stock worth $18,503,000 after purchasing an additional 42,313 shares during the period. Hedge funds and other institutional investors own 41.50% of the company’s stock.

About Royal Bank of Canada (Get Rating)

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.

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