RY - Royal Bank of Canada
Chart Events
Price Crosses Moving Average
Performance Outlook
- Short Term2W - 6W
- Mid Term6W - 9M
- Long Term9M+
| Previous Close | 62.40 |
| Open | 63.31 |
| Bid | 63.01 x 1400 |
| Ask | 64.00 x 1200 |
| Day's Range | 62.23 - 64.21 |
| 52 Week Range | 49.55 - 82.74 |
| Volume | 1,381,432 |
| Avg. Volume | 1,662,636 |
| Market Cap | 89.807B |
| Beta (5Y Monthly) | 0.86 |
| PE Ratio (TTM) | 10.04 |
| EPS (TTM) | 6.29 |
| Earnings Date | Nov 29, 2016 - Dec 04, 2016 |
| Forward Dividend & Yield | 3.26 (5.22%) |
| Ex-Dividend Date | Apr 21, 2020 |
| 1y Target Est | 88.84 |
Fair Value
Related Research
- Reuters
Canadian banks to hand out interest-free loans to small businesses
Small and medium-sized businesses in Canada, which have been affected by the ongoing coronavirus crisis, will be able to access interest-free loans of up to $40,000 to meet their cash requirements, according to the Canadian Bankers' Association. Under the new federal plan, businesses will be able to apply for loans online and receive funding as part of the Canada Emergency Business Account (CEBA) program for small businesses. In March, the "big six" lenders - Royal Bank of Canada , TD Bank, Scotiabank, Bank of Montreal, CIBC and National Bank of Canada - announced a coordinated effort to offer mortgage relief to customers suffering pay disruption as businesses grind to a halt.
CNW GroupRoyal Bank of Canada announces conversion privileges of NVCC Non-Cumulative 5-Year Rate Reset First Preferred Shares Series BD
TORONTO , April 9, 2020 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced that it does not intend to exercise its right to redeem all or any part of the currently outstanding Non-Viability Contingent Capital (NVCC) Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series BD (the "Series BD shares") on May 24, 2020 . There are currently 24,000,000 Series BD shares outstanding. Subject to certain conditions set out in the prospectus supplement dated January 27, 2015 relating to the issuance of the Series BD shares, the holders of the Series BD shares have the right to convert all or part of their Series BD shares, on a one-for-one basis, into NVCC Non-Cumulative Floating Rate First Preferred Shares Series BE (the "Series BE shares") on May 24, 2020 .
- Reuters
PRESS DIGEST- Canada-April 9
CNW GroupRBC announces that business clients can enroll for the Canada Emergency Business Account through the RBC Online Banking for Business channel
TORONTO , April 8, 2020 /CNW/ - RBC announced today that the online-only enrollment process to participate in the Government of Canada's Canada Emergency Business Account (CEBA) will be live on April 9, 2020 via RBC Online Banking for Business. Eligible businesses will receive a $40,000 government-funded loan to cover short term operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity. "We understand how important and time-sensitive this relief is for businesses across Canada in order to support their workforce and sustain business continuity," said Greg Grice , Executive Vice-President, Business Financial Services for RBC.
- Reuters
Canada bank CEOs see bigger economic challenge from coronavirus pandemic than financial crisis
The coronavirus pandemic's economic impact on Canada will be broader and more challenging than the 2008-09 financial crisis, with the recovery likely to take longer than expected, chief executives of the country's two major banks said on Wednesday. "This is much more severe than the financial crisis ... which was really mild for Canada," Royal Bank of Canada Chief Executive Dave McKay said on a media call following its annual shareholder meeting.
- Reuters
WRAPUP 2-Canada bank CEOs see bigger economic challenge from coronavirus pandemic than financial crisis
The coronavirus pandemic's economic impact on Canada will be broader and more challenging than the 2008-09 financial crisis, with the recovery likely to take longer than expected, chief executives of the country's two major banks said on Wednesday. "This is much more severe than the financial crisis ... which was really mild for Canada," Royal Bank of Canada Chief Executive Dave McKay said on a media call following its annual shareholder meeting. Canada has announced a massive stimulus package to support the economy during the health crisis, and the central bank has cut the key interest rates to a decade low.
CNW GroupRoyal Bank of Canada announces election of directors
Royal Bank of Canada announces election of directors
- Reuters
RBC CEO sees bigger hit to Canada from coronavirus than financial crisis, slower recovery
The Canadian economy will suffer a bigger hit from the coronavirus pandemic than the 2008-09 financial crisis, with a recovery likely to take longer than expected, but "significant" fiscal stimulus will help ease the impact, Royal Bank of Canada's chief executive said on Wednesday. "This is much more severe than the financial crisis... which was really mild for Canada," Dave McKay said on a media call following the lender's annual shareholder meeting. McKay said RBC's earnings did not fall off much during the financial crisis.
- Bloomberg
Pinterest Surges After User Numbers Top Analysts’ Estimates
(Bloomberg) -- Pinterest Inc. shares surged after the company reported user numbers that exceeded analysts’ estimates.The digital search and scrapbooking company also withdrew 2020 forecasts after the coronavirus pandemic hurt its advertising business, but investors focused on the growth of Pinterest’s online audience.Monthly active users totaled 365 million to 367 million in the first quarter, higher than Wall Street estimates of 345 million users, according to Bloomberg MODL data. The company also reported preliminary first-quarter sales of $269 million to $272 million, slightly ahead of analyst estimates.“While the company’s ad revenues began to decelerate sharply after the middle of March, engagement on Pinterest has been strong,” Mark Mahaney, an analyst at RBC Capital Markets, wrote in a research note. “In the last two weeks, Pinterest has seen record levels of engagement in terms of search, saving and board creation activity, as users look for ideas on everything from building a home office to fun activities to do with their kids (very necessary).”San Francisco-based Pinterest ended the first quarter with about $1.7 billion in cash, cash equivalents and marketable securities, no financial debt, and stressed that it has not drawn money from its $500 million revolving credit facility.Shares of the company jumped as much as 15% in extended trading. The stock closed at $15.06 earlier in New York trading, leaving it down 40% since early February.That month, the company had projected 2020 revenue of $1.52 billion and said its adjusted profit margin would be flat to up slightly from a year earlier. It scrapped that guidance on Tuesday, saying the Covid-19 pandemic “impacted Pinterest’s advertising revenue globally.”“First-quarter revenue performance was consistent with our expectations through the middle of March, when we began to see a sharp deceleration,” Chief Financial Officer Todd Morgenfeld said.Read more about digital ad budgets evaporating here.Pinterest’s disclosure “largely confirms the negative shock that internet advertising began to experience in March,” RBC’s Mahaney wrote. “With PINS shares up +15% in the after-market, we believe there’s clearly a tell here about how concerned/low market expectations have been.”Pinterest also said that Chief Operating Officer Francoise Brougher is leaving the company effective immediately. Brougher joined Pinterest in early 2018 from payments company Square Inc. Morgenfeld has been appointed to take over her duties.“As we continue to position the company for long-term growth, we believe consolidating our financial and COO organizations under one leader will accelerate our speed of execution,” CEO Ben Silbermann said in a statement.(Updates with analyst comment in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Reuters
REFILE-Many Canadian small businesses shut out of coronavirus crisis help
Many Canadian small businesses reeling from losses due to the coronavirus outbreak may be ineligible for federal government and bank aid designed to help them survive, industry experts say, with several already shuttered or rapidly running out of cash. The measures https://bit.ly/3e3A55Y include a number of government-backed loan options for small businesses, and a three-month 75% wage subsidy for all qualifying firms, regardless of size, as well as higher credit lines and payment deferrals from lenders. Small businesses are defined as having fewer than 100 employees, and account for 97.9% of all Canadian firms.
CNW GroupRBC Client Relief Program: Committed to helping Canadians when they need it most
Today, through the RBC Client Relief program, RBC announced further financial support for clients across Canada who need it most. Over the last several weeks, RBC has connected with over 250,000 Canadians to provide mortgage, credit card and loan relief through principal and interest payment deferrals, and RBC is committing to do more. "We're all going through this together, and we've seen how fast the COVID-19 pandemic has impacted Canadians across the country," said Neil McLaughlin , Group Head, Personal & Commercial Banking, RBC.
- CNW Group
RBC Global Asset Management Inc. announces March sales results for RBC Funds, PH&N Funds and BlueBay Funds
RBC Global Asset Management Inc. announces March sales results for RBC Funds, PH&N Funds and BlueBay Funds
CNW GroupRBC Cuts Credit Card Interest by 50% for Clients Facing Hardship Due to COVID-19
TORONTO , April 3, 2020 /CNW/ - RBC announced today it will be reducing credit card interest charges by 50% for those clients receiving minimum payment deferrals on credit cards. Upon completion of a financial review with an RBC advisor, customers will be eligible for a 50% credit of their interest charges during the deferral period. Approximately 80% of our clients either do not pay credit card interest or have access to lower interest rate options, like Lines of Credit.
- Bloomberg
Putin’s U.S. Virus Aid Flight May Have Carried Sanctioned Goods
(Bloomberg) -- Russian President Vladimir Putin’s shipment of medical equipment to help the U.S. fight the coronavirus epidemic may have contained a hidden message from the Kremlin.Included in the aid appear to be ventilators produced by a firm under U.S. sanctions, according to video of the plane’s unloading at New York’s JFK airport posted by Russian state-owned news agency Ruptly.Among the boxes were Avanta M ventilators, produced by a subsidiary of KRET, which has been on the Treasury’s Specially Designated Nationals list since 2014, when Russia annexed Crimea from Ukraine. RBC newspaper first reported the connection.Even if the ventilators were not purchased directly from KRET, sanctions generally prevent importing anything that an SDN has a property interest in, according to Brian O’Toole, a former senior adviser in Treasury’s sanctions unit and now a senior fellow at the Atlantic Council.“This is another example of Putin playing the U.S.,” O’Toole said by phone. “While there are no real consequences for the government violating its own sanctions, it looks stupid for them to be breaking their own rules.”A spokeswoman for the KRET subsidiary, based near Yekaterinburg almost 900 miles east of Moscow, referred all questions to the Industry and Trade Ministry. The ministry did not respond to calls or an emailed query.While the aid was billed as a humanitarian shipment, the cost of the shipment was split evenly between U.S. companies and the Kremlin’s sovereign wealth fund. The Russian Direct Investment Fund is subject to sectoral sanctions, which prohibit it from most borrowing in the U.S. but don’t prevent it from doing business with American entities.Despite the tensions between Moscow and Washington, Putin and President Donald Trump enjoy a warm relationship. The leaders agreed on the aid during a March 30 phone call during which they also discussed the collapse of oil prices.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Reuters
Canada's big banks field half a million mortgage deferral requests
Canada's biggest banks have received nearly half a million requests from homeowners to hold off mortgage payments as the economic fallout from the COVID-19 pandemic deepens, according to the Canadian Bankers' Association. Since the banks announced a plan to provide financial relief over two weeks ago, almost 500,000 requests to skip or defer mortgage payments have been completed or are being processed, up from 213,000 on March 26, according to a statement from the association seen by Reuters. The "big six" lenders - Royal Bank of Canada, TD Bank, Scotiabank, Bank of Montreal, CIBC and National Bank of Canada - announced the coordinated effort on March 17 to offer mortgage relief to customers suffering pay disruption.
- CNW Group
RBC Global Asset Management Inc. re-opens PH&N High Yield Bond Fund to new investors
RBC Global Asset Management Inc. re-opens PH&N High Yield Bond Fund to new investors
- Bloomberg
U.S. Jobless Claims Soar to Once-Unthinkable Record 6.65 Million
(Bloomberg) -- The number of Americans applying for unemployment benefits soared to a record 6.65 million last week, a level unimaginable just a month ago.As states shut down commerce to prevent the deadly coronavirus from spreading, the weekly claims data have been among the first detailed figures to show the devastating economic hit, highlighting the extent to which U.S. businesses and workers are reeling from the global health crisis.The figures also may add to pressure on the federal government to ensure that aid payments and loans under the $2 trillion stimulus package flow quickly to people and businesses.“I never thought I’d see such a print in my lifetime as economist,” said Thomas Costerg at Pictet Wealth Management, who had the highest forecast in the Bloomberg survey, at 6.5 million. Claims are likely to stay elevated as more states announce stay-at-home orders, and it would be “not unthinkable” to see a 20% unemployment rate, more than double the high that followed the last recession, he said.The 6.65 million jobless claims filed in the week ended March 28 were more than double the previous record of 3.31 million in the prior week, according to Labor Department figures released Thursday.The data come a day before the March jobs report, which is expected to show the first monthly decline in payrolls since 2010. Nonetheless, those figures will show only the start of the labor-market damage, as the government’s survey period covered early March, prior to the biggest rounds of layoffs and closures.U.S. stocks rose after President Donald Trump said Russia and Saudi Arabia would announce crude oil production cuts.The report showed that the virus is having a wider impact beyond just hotels and restaurants, with states reporting impacts in health and social assistance, factories, retail and construction. The 9.96 million combined initial claims in the last two weeks is equivalent to the total in the first 6 1/2 months of the 2007-2009 recession.What Bloomberg’s Economists Say“If initial claims in the vicinity of 3-5 million persist for several more weeks, unemployment will climb toward 15% in April. Further increases in the unemployment rate will largely depend on how long the crisis (and lockdown) lasts.”\-- Eliza Winger and Carl RiccadonnaClick here for the full note.Continuing claims, which are reported with a one-week lag, jumped by 1.25 million to 3.03 million in the week ended March 21 -- the highest since 2013. That pushed the insured unemployment rate up to 2.1% from 1.2%.“When you look at the number last week and this week and take those together that’s roughly a 6 percentage-point rise in the April unemployment already, and we have a few more weeks to go for the April employment report,” Michael Gapen, chief U.S. economist at Barclays Plc, said on Bloomberg Radio. “It is likely the unemployment rate will be rising above where we saw it in ’08 and ’09 and may come as soon as that April employment report, if not certainly into the May report.”One caveat to the data: the department’s seasonal adjustments are likely overstating the level of claims, according to Jacob Oubina of RBC Capital Markets. On an unadjusted basis, there were 5.82 million applications last week following 2.92 million the prior week.State BreakdownCalifornia reported the most initial claims last week at an estimated 879,000 on an unadjusted basis, following 186,000 the prior week; it was also the biggest increase among all states and territoriesPennsylvania had an estimated total of about 406,000, following 377,000New York had 366,000Michigan reported 311,000Texas had about 276,000Ohio reported 272,000Florida had 227,000New Jersey had 206,000For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Reuters
Canada continuing to assess need for more changes to banks' capital buffers
Canada's financial system has the capacity to respond to further stresses and the regulator will continue to assess if additional changes to banks' capital buffers are needed, the Office of the Superintendent of Financial Institutions (OSFI) said on Wednesday. OSFI reduced the domestic stability buffer for banks in March to free up C$300 billion ($211.3 billion) of additional lending capacity. While banks can treat loans subject to six-month payment deferrals as performing loans, they must meet higher capital requirements if they become non-performing beyond that period, OSFI officials said on a media call.
- Bloomberg
Britain Is Going on a Massive Debt Spree
(Bloomberg Opinion) -- The U.K. Debt Management Office (DMO) has put out a signal of intent: More government bond supply is about to come thick and fast. The amount of gilts to be sold in April will be raised from 20 billion pounds ($22 billion) to 45 billion pounds.Boris Johnson’s government needs swift access to more funding to support the economy during the coronavirus shutdown. The good news is the bond market can handle it with ease, even in a market environment like this one. It helps enormously that the U.K. Treasury and the Bank of England are working in lockstep to deal with the financial side of the Covid-19 crisis. It makes sense to front-load the surge in Gilt issuance, as the BOE is already ramping up its Quantitative Easing bond-buying program by 200 billion pounds in an accelerated schedule. The net effect on investor demand should therefore be fairly muted, as the central bank will be in the market, hoovering up debt.Thankfully the DMO, which operates as the Treasury’s agent in the debt market, has vast experience in this area from the financial crisis a decade ago. Even after more than doubling the size of April’s gilts sale, the yield on the benchmark 10-year note was little changed at 31 basis points, not far from its record low yield of seven basis points seen on March 9.Britain’s coordinated response to the economic mayhem has been genuinely impressive, and groundbreaking. The DMO and the central bank are working together to smooth out what — according to analysts from Royal Bank of Canada — could be a doubling of overall debt sales across the whole of the upcoming financial year (April to April) to about 300 billion pounds. There will be 17 gilt auctions in April alone. This is a full-blown emergency response. It’s especially important to tread carefully with this almost unprecedented surge in supply with the most sensitive and illiquid longer maturity gilts. The DMO is limiting issuance of the longest-dated stuff to 12 billion pounds in April, which will be outweighed by planned BOE purchases of 21 billion pounds. The central bank has raised its total purchases of assets to nearly 5 billion pounds on three days per week and will probably buy more than 60 billions pound in April alone, easily exceeding new supply.The two entities are having to be careful not to get in each other’s (or investors’) way by making sure the BOE doesn’t snap up too many of the most in-demand bonds, and equally not to overload any sector.The BOE only buys from investment bank primary dealers in the secondary market rather than directly from the Treasury but the rules might be relaxed with so many auctions taking place, to avoid straining the primary dealers’ balance sheets. This could necessitate direct monetary financing , as former BOE deputy governor Charlie Bean said this week, meaning the BOE actually buys straight from the Treasury. With so many traders working from home, the risk of an operational glitch causing a failed auction is disproportionately high. The authorities need an insurance policy.Both debt issuance and QE buybacks will probably tail off later in the year and both can be altered together if the economic situation improves — or worsens. This is a make it up as you go along moment, but as long as the communication to the market remains as clear as it has been, any amendments shouldn’t cause problems. It helps that the average maturity of U.K. debt is significantly longer than all other major bond markets at 15 years, meaning there’s less urgency in refinancing debt. But having such joined-up institutions in the country’s hour of need is very fortunate.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. He spent three decades in the banking industry, most recently as chief markets strategist at Haitong Securities in London.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Moody's
RBC Global Covered Bond Programme -- Moody's: No Ratings Impact From Royal Bank of Canada Covered Bond Amendments
Moody's Investors Service, ("Moody's") announced today that the amendments related to the Amended and Restated Intercompany Loan Agreement on 26 March 2020 will not, in and of itself and at this time, result in a downgrade or withdrawal of the rating assigned to the Royal Bank of Canada's Global Covered Bond Programme. Moody's opinion addresses only the credit impact associated with the amendments related to the Amended and Restated Intercompany Loan Agreement on 26 March 2020, and Moody's is not expressing any opinion as to whether the amendments related to the Amended and Restated Intercompany Loan Agreement on 26 March 2020 have, or could have, other non-credit related effects that may have a detrimental impact on the interests of note holders and/or counterparties.
- Barrons.com
RBC Bumps Edward Jones From Top of J.D. Power List
RBC takes the top spot in J.D. Power’s 2020 investor satisfaction study, although the survey was conducted before the market’s coronavirus-linked rout.
