Post by
Dibah420 on May 31, 2024 4:23pm
BMO
BMO Raises Royal Bank Target to $151, Maintains Outperform
MT Newswires - May 31, 2024 2:19 PM EDT
02:19 PM EDT, 05/31/2024 (MT Newswires) -- Royal Bank's adjusted diluted EPS of $2.92 beat BMO/consensus estimates of $2.63/ $2.76. All segments beat, with record Capital Markets (Corporate & Investment banking) results and strong Wealth earnings, notes BMO's Sohrab Movahedi. Canadian P&C (stronger operating leverage) and Insurance (IFRS 17) also came in higher than expected.
PCLs were higher than expected, CET1 strong at 12.8%. Royal Bank hiked dividend by ~3% to $1.42. and announced NCIB to purchase 30 million shares.
BMO has raised target price up slightly to $151 on higher FY2025E EPS. Maintain Outperform rating.
Price: 147.33, Change: -0.94, Percent Change: -0.63
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