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Last $64.30 USD
Change Today +0.55 / 0.86%
Volume 483.4K
As of 12:42 PM 06/3/15 All times are local (Market data is delayed by at least 15 minutes).

royal bank of canada (RY) Key Developments

Royal Bank of Canada Announces NVCC Subordinated Debenture Issue

Royal Bank of Canada announced an offering of $1 billion of subordinated debentures through its Canadian medium term note program. The notes bear interest at a fixed rate of 2.48% per annum (paid semi-annually) until June 4, 2020, and at the three-month Banker's Acceptance Rate plus 1.10% thereafter until their maturity on June 4, 2025 (paid quarterly). The expected closing date is June 4, 2015. RBC Capital Markets is acting as lead agent on the issue. The bank may, at its option, with the prior approval of the Office of the Superintendent of Financial Institutions Canada, redeem the Notes on or after June 4, 2020 at par, in whole at any time or in part from time to time, on not less than 30 days and not more than 60 days’ notice to registered holders. Net proceeds from this transaction will be used for general business purposes.

Royal Bank of Canada Declares Quarterly Dividends on Common and Preferred Shares, Payable on and After August 24, 2015

Royal Bank of Canada announced its quarterly common share dividend of 77 cents per share, payable on and after August 24, 2015, to common shareholders of record at the close of business on July 27, 2015. The board also announced dividends on the following Non-Cumulative First Preferred Shares, payable on and after August 24, 2015, to shareholders of record at the close of business on July 27, 2015. The company announced dividend of Series W, Dividend No. 42 of $0.30625 per share; Series AA, Dividend No. 38 of $0.278125 per share; Series AB, Dividend No. 36 of $0.29375 per share; Series AC, Dividend No. 35 of $0.2875 per share; Series AD, Dividend No. 34 of $0.28125 per share; Series AE, Dividend No. 34 of $0.28125 per share; Series AF, Dividend No. 33 of $0.278125 per share; Series AG, Dividend No. 33 of $0.28125 per share; Series AJ, Dividend No. 27 of $0.22 per share; Series AK, Dividend No. 6 of $0.162386 per share; Series AL, Dividend No. 27 of $0.26625 per share; Series AZ, Dividend No. 6 of $0.25 per share; Series BB, Dividend No. 5 of $0.24375 per share; Series BD, Dividend No. 2 of $0.225 per share; Series BF, Dividend No. 1 of $0.4044 per share.

Royal Bank of Canada Announces Earnings Results for the Second Quarter and Six Months Ended April 30, 2015

Royal Bank of Canada announced earnings results for the second quarter and six months ended April 30, 2015. For the quarter, the company reported net income of $2,502 million up $301 million or 14% from the prior year. The results reflect solid earnings growth in Canadian Banking and strong growth in Capital Markets, record earnings in Investor & Treasury Services and underlying business strength in Wealth Management, partly offset by lower results in Insurance due to a change in Canadian tax legislation. Diluted earnings per share were $1.68 up $0.21 from $1.47 a year ago. Return on common equity was 19.3% up from 19.1% a year ago. Excluding specified item net income was $2,394 million or $1.61 per diluted share up 9% from $2,201 million or $1.47 per diluted share a year ago. Excluding specified item ROE was 18.5% against 19.1% a year ago. Adjusted net income was $1.63 per share. For the six months, the company reported net income of $4,958 million, up 15% from $4,293 million a year ago. Diluted EPS was $3.33 up $0.48 from $2.85 a year ago. ROE was 19.3% up from 18.6% a year ago. Excluding specified item net income was $4,850 million or $3.26 per diluted share up 11% from $4,385 million or $2.91 per diluted share a year ago. Excluding specified item ROE was 18.9% against 19.0% a year ago.

Origin Energy Expected To Acquire Pacific Hydro Amongst Others

Origin Energy Limited (ASX:ORG) is the latest company expected to enter the contest to buy Pacific Hydro Pty Ltd. which is controlled by IFM Investors Pty Ltd. The Goldman Sachs Group, Inc. (NYSE:GS), Citigroup Inc. (NYSE:C), UBS Group AG (SWX:UBSN), Royal Bank of Canada (TSX:RY), Macquarie Group Limited (ASX:MQG) and Barclays Bank PLC could be in the running. Already, Acciona Energia, S.A. and TerraForm Power, Inc. (NasdaqGS:TERP) have been named as among the parties interested in buying Pacific Hydro ahead of the sales process. Among others expected to be in the line-up for an acquisition of Pacific Hydro are super funds such as Canada Pension Plan Investment Board and AustralianSuper Pty Ltd and Borealis Infrastructure Trust. The asset may also have some appeal for firms such as KKR & Co. L.P. (NYSE:KKR) and The Blackstone Group L.P. (NYSE:BX). Pacific Hydro is up for sale through advisers Bank of America Merrill Lynch International Limited and Credit Suisse Group AG (SWX:CSGN).

Royal Bank of Canada Seeks Acquisitions

David Mckay, Chief Executive Officer of Royal Bank of Canada (TSX:RY) said, "Certainly an acquisition that was accretive to shareholders in -- in the medium term would be possible. Certainly the economics are challenged by the current foreign exchange rate, but all -- every deal is different. But really we're not focused on looking for other transactions in this space. We have a franchise that we can build on, that we can cross-sell, that we can grow organically. And that's really the focus of the firm going forward is to create that organic growth opportunity with City National."

 

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Industry Analysis

RY

Industry Average

Valuation RY Industry Range
Price/Earnings 11.7x
Price/Sales 3.2x
Price/Book 2.1x
Price/Cash Flow 11.5x
TEV/Sales NM Not Meaningful
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