What is Cormark’s Forecast for RY FY2024 Earnings?

Royal Bank of Canada (NYSE:RY) (TSE:RY) – Equities researchers at Cormark decreased their FY2024 earnings per share (EPS) estimates for Royal Bank of Canada in a research note issued to investors on Monday, November 25th. Cormark analyst L. Persaud now anticipates that the financial services provider will post earnings of $8.68 per share for the year, down from their previous forecast of $8.92. The consensus estimate for Royal Bank of Canada’s current full-year earnings is $8.37 per share. Cormark also issued estimates for Royal Bank of Canada’s Q4 2024 earnings at $2.17 EPS and FY2025 earnings at $9.30 EPS.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.23. The firm had revenue of $10.68 billion for the quarter, compared to the consensus estimate of $10.40 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%.

A number of other analysts have also weighed in on the stock. BMO Capital Markets increased their price objective on shares of 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. TD Securities lowered shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada Stock Down 0.1 %

Shares of RY opened at $124.15 on Wednesday. Royal Bank of Canada has a 52-week low of $85.02 and a 52-week high of $126.96. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. The business has a fifty day moving average of $123.44 and a 200 day moving average of $115.04. The company has a market cap of $175.51 billion, a PE ratio of 15.01, a P/E/G ratio of 1.92 and a beta of 0.86.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. National Bank of Canada FI grew its stake in Royal Bank of Canada by 16.7% in the second quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock valued at $2,141,681,000 after purchasing an additional 2,901,033 shares during the last quarter. FMR LLC boosted its holdings in shares of Royal Bank of Canada by 75.8% in the 3rd quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock valued at $2,229,834,000 after buying an additional 7,702,585 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Royal Bank of Canada by 0.9% in the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock worth $1,706,833,000 after buying an additional 124,348 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Royal Bank of Canada by 2.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,127,506 shares of the financial services provider’s stock worth $1,289,274,000 after acquiring an additional 256,023 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Royal Bank of Canada by 1.8% during the second quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock valued at $1,118,150,000 after acquiring an additional 190,341 shares during the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

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.