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.
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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