Royal Bank of Canada (NYSE:RY) (TSE:RY) announced a quarterly dividend on Wednesday, August 22nd, Zacks reports. Stockholders of record on Thursday, October 25th will be paid a dividend of 0.753 per share by the financial services provider on Friday, November 23rd. This represents a $3.01 annualized dividend and a dividend yield of 3.98%. The ex-dividend date is Wednesday, October 24th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.73.

Royal Bank of Canada has raised its dividend by an average of 1.2% per year over the last three years. Royal Bank of Canada has a payout ratio of 59.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Royal Bank of Canada to earn $6.94 per share next year, which means the company should continue to be able to cover its $3.92 annual dividend with an expected future payout ratio of 56.5%.

Shares of NYSE:RY opened at $75.69 on Friday. The company has a market cap of $110.74 billion, a PE ratio of 12.49, a PEG ratio of 1.53 and a beta of 1.15. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.92 and a current ratio of 0.92. Royal Bank of Canada has a 12 month low of $73.92 and a 12 month high of $87.10.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Wednesday, August 22nd. The financial services provider reported $1.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.04. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.39 billion. Royal Bank of Canada had a return on equity of 18.11% and a net margin of 21.48%. Analysts expect that Royal Bank of Canada will post 6.55 EPS for the current fiscal year.

RY has been the topic of several research analyst reports. Zacks Investment Research lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Friday, June 22nd. ValuEngine downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Howard Weil upgraded Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, September 10th. Scotiabank upgraded Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report on Monday, September 10th. Finally, Scotia Howard Weill upgraded Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, September 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $97.20.

About Royal Bank of Canada

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.

Further Reading: Discover Your Risk Tolerance

Dividend History for Royal Bank of Canada (NYSE:RY)

Receive News & Ratings for Royal Bank of Canada Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Bank of Canada and related companies with MarketBeat.com's FREE daily email newsletter.