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Royal Bank of Canada

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the US and other countries.

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HSBC

RBC Employees Who Joined From HSBC Canada Acquisition Worried About Job Cuts; RBC Pledged To Keep HSBC Staff For At Least Six Months As Part Of March Deal; RBC Has Placed Nearly 80% Of Former HSBC Canada Employees Into Jobs

Gibson has served as Interim Chief Financial Officer since&nbsp;April 5, 2024. Prior to this, she was Senior Vice President, Enterprise Finance &amp; Controller with global responsibility for head office Finance, including all external, board and management reporting, accounting policy and financial management systems.

Management

Royal Bank Of Canada Names Katherine Gibson As CFO, Effective Immediately

BMO Capital analyst Sohrab Movahedi maintains Royal Bank of Canada (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RY#NYSE">RY</a>) with a Outperform and raises the price target from $151 to $165.

Price Target

Analyst Ratings

BMO Capital Maintains Outperform on Royal Bank of Canada, Raises Price Target to $165

WIIM

Royal Bank Of Canada shares are trading higher following better-than-expected Q3 financial results.

UPDATE: Royal Bank Of Canada Q3 Adj, EPS $2.38 Beats $2.16 Estimate, Sales $10.69B Beat $10.56B Estimate

Nadine Ahn, former CFO of Royal Bank of Canada (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RY#NYSE">RY</a>), reportedly filed a wrongful termination lawsuit, alleging her dismissal was influenced by &#8220;gender-based stereotyping.&#8221;
Notably, in April, Royal Bank Of Canada terminated Ahn after an investigation revealed she had an undisclosed close personal relationship with another executive, which led to preferential treatment, including promotions and salary <a href="https://www.benzinga.com//node/38120104" target="_blank" rel="noreferrer noopener">increases for the executive</a>.
Royal Bank Of Canada said Ahn&#8217;s claims are without merit and it would vigorously defend against them in court, reported Reuters.
RBC said, &#8220;The facts are very clear that there was a significant breach of our code of conduct based on the irrefutable evidence collected during the investigation,&#8221; which the report quoted.
In a lawsuit filed on August 8 with the Ontario Superior Court, Ahn, 53, argued that RBC&#8217;s claims are &#8220;patently false&#8221; and that the bank&#8217;s actions have irreparably harmed her career and reputation.
She is seeking nearly C$50 million ($36.38 million) in damages from RBC. Also, Ken&nbsp;Mason, who denies having a close personal relationship with Ahn, is suing RBC for approximately C$20 million for wrongful termination, per the report.
Ahn&#8217;s lawyer wrote in the lawsuit that, &#8220;(RBC) failed to provide her with a fair opportunity to respond to the allegations, and the bank was, at least in part, motivated by stereotypical assumptions concerning friendships between women and men.&#8221;
The report noted Ahn further claimed she was &#8220;ambushed&#8221; by RBC&#8217;s external counsel on April 5, interrogated for two hours, and had her laptop and both work and personal cellphones confiscated.
The lawsuit claims RBC did not provide Ahn with a copy of the co-worker&#8217;s complaint or details of the allegations against her and refused to let her postpone the meeting to seek legal advice.
Ahn also claimed that RBC had already decided to replace her, as it announced her dismissal and Katherine Gibson&#8217;s appointment as interim CFO on the same evening.
Price Action: RY traded higher by 0.26% at $108.54 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/06/39527163/shop-smart-visa-and-amazon-bring-flexible-payment-plans-to-canadian-shoppers" target="_blank" rel="noreferrer noopener">Shop Smart: Visa And Amazon Bring Flexible Payment Plans To Canadian Shoppers</a></li>
</ul>

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High-Stakes Legal Battle Looms As RBC's Former CFO Sues Bank Over Wrongful Termination: Report

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Shares of banking companies are trading lower amid overall market weakness on US economic concerns.

Visa Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) shares are trading lower today. Visa has partnered with Amazon.Com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) to offer Canadian consumers more <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/g39522174/visa-expands-payment-options-for-amazon-customers-with-installments-plans" rel="noreferrer noopener">flexible payment options at checkout.</a>
Eligible Royal Bank Of Canada (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RY#NYSE">RY</a>) and The Bank of Nova Scotia (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNS#NYSE">BNS</a>) credit cardholders can now select Installments enabled by Visa for qualifying purchases on Amazon.ca or the Amazon app.
This new option allows consumers to convert purchases into smaller, fixed payments over a set period.
&#8220;We are excited to offer our installments solution on Amazon through two of Canada&#8217;s leading issuers, granting more consumers access to diversified payment methods and greater financial control with one of the world&#8217;s largest online merchants,&#8221; said Dan Sanford, Head of Product for North America at Visa.
Installments are becoming a popular payment method among Canadians. Visa&#8217;s research indicates that 58% of Canadians are interested in using installments, and by 2026, this method is expected to account for nearly a quarter of all global e-commerce transactions.
Related Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39502281/judge-tosses-the-card-visa-mastercard-swipe-fee-settlement-reportedly-rejected" rel="noreferrer noopener">Judge Tosses The Card: Visa-Mastercard Swipe Fee Settlement Reportedly Rejected</a>
This collaboration with Amazon aims to meet this growing consumer demand.
Tyler Aldrich, Director of Amazon Payment Products, said, &#8220;Together with Visa, we&#8217;re pleased to offer customers greater choice, enabling customers to pay for their online purchases in ways that are convenient for them.&#8221;
Installments enabled by Visa provide issuers, processors, and merchants with a better payment option to meet customers where they are.
Visa and Amazon plan to extend this payment option to more consumers globally, enhancing the convenience and flexibility of online shopping.
Visa stock has gained more than 18% in the last 12 months. Investors can gain exposure to Visa and Mastercard stock via&nbsp;iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: V shares are trading lower by 1.64% at $269.12 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a target="_blank" href="https://www.benzinga.com/markets/asia/24/06/39428693/china-calls-on-visa-and-mastercard-to-slash-bank-card-transaction-fees-by-up-to-half-report" rel="noreferrer noopener">China Calls On Visa And Mastercard To Slash Bank Card Transaction Fees By Up To Half: Report</a>
Image from Shutterstock

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Buybacks

Royal Bank Of Canada Announces Approval To Repurchase Up To 30M Common Shares

Argus Research analyst Stephen Biggar maintains Royal Bank of Canada (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RY#NYSE">RY</a>) with a Buy and raises the price target from $115 to $120.

Argus Research Maintains Buy on Royal Bank of Canada, Raises Price Target to $120

Royal Bank of Canada shares are trading higher following strong Q2 earnings.

The company declared an increase to its quarterly common share dividend of&nbsp;four cents, or three per cent, to C$1.42&nbsp;per share, payable on and after&nbsp;August 23, 2024, to common shareholders of record at the close of business on&nbsp;July 25, 2024.

Dividends

Royal Bank Of Canada Increases Quarterly Common Share Dividend By 3%

Royal Bank Of Canada Intends To Commence Normal Course Issuer Bid And To Repurchase For Cancellation Up To 30M Of Its Common Shares

Royal Bank of Canada (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RY#NYSE">RY</a>) reported quarterly Adj earnings of $2.17 per share which beat the analyst consensus estimate of $2.02 by 7.23 percent. This is a 10.51 percent increase over earnings of $1.96 per share from the same period last year. The company reported quarterly sales of $10.50 billion which beat the analyst consensus estimate of $9.90 billion by 6.07 percent. This is a 5.17 percent increase over sales of $9.98 billion the same period last year.

Earnings

Royal Bank of Canada Q2 Adj EPS $2.17 Beats $2.02 Estimate, Sales $10.50B Beat $9.90B Estimate

Royal Bank Of Canada Announced They Are Expanding Their Loyalty Partnership With Metro Inc. And Its Moi Rewards Program, Which Is Coming Soon To Ontario

RBC appoints KatherineGibson InterimChiefFinancialOfficer following the departure of NadineAhn
TORONTO, April 5, 2024 /CNW/ - Royal Bank of Canada (TSX:<a class="ticker" href="https://www.benzinga.com/stock/RY#TSX">RY</a>) and (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RY#NYSE">RY</a>) today announced the appointment of KatherineGibson as Interim Chief Financial Officer (CFO). She succeeds NadineAhn whose employment was terminated by RBC earlier today, effective immediately.
RBC was recently made aware of allegations involving Ms. Ahn and&nbsp;immediately launched an internal review and engaged outside legal counsel to investigate. The investigation found evidence that, in contravention of the RBC Code of Conduct, Ms. Ahn was in an undisclosed close personal relationship with another employee which led to preferential treatment of the employee including promotion and compensation increases. As a result, the two individuals have had their employment terminated.
The investigation found no evidence of conduct by the former CFO or the other employee with respect to the bank's previously issued financial statements, RBC's strategy or its financial or business performance.
Ms. Gibson has been appointed interim CFO while a search is conducted. She is a respected and experienced leader who has been with the bank for 22 years, most recently as SVP, Finance &amp; Controller, and is widely considered a trusted advisor with a strong analytical and governance mindset.
In her new role, Ms. Gibson will bring a wide range of experience leading global teams and major strategic enterprise initiatives, including a deep understanding of business drivers and growth opportunities across several different areas of the bank.

TSX:RY

RBC Announces The Appointment Of Katherine Gibson As Interim CFO, Effective Immediately. Succeeding Nadine Ahn Whose Employment Was Terminated On Friday April 05, 2024

BMO Capital analyst Sohrab Movahedi upgrades Royal Bank of Canada (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RY#NYSE">RY</a>) from Market Perform to Outperform and raises the price target from $140 to $150.

Upgrades

BMO Capital Upgrades Royal Bank of Canada to Outperform, Raises Price Target to $150

A new commodity cycle is approaching for energy stocks; leading the way in this momentum gauge is the Energy Select Sector SPDR Fund (ARCA:XLE). The exchange-traded fund (ETF) outperformed the broader S&amp;P 500 by 2% in the past quarter. While not much to speak of, this performance gap may show the beginning of a new trend that could last much longer.
Oil prices broke out &ndash; and stood comfortably &ndash; above their $79 a barrel ceiling. Now breaking above the $83 a barrel mark, predictions made by analysts at The Goldman Sachs Group Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>) could come true. The investment bank thinks oil prices could go as high as $100 in 2024.
However, natural gas prices, which tend to follow oil prices, are now at a four-year low. This wide gap is counter to historic trends, and a catch-up in natural gas prices could make stocks like Natural Gas Services Group Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ngs#NYSE">NGS</a>) break out into new highs. Wall Street institutions see the opportunity, which starts here.
<h2>Once in a Cycle </h2>
Now that the Federal Reserve (the Fed) is considering cutting interest rates this year, money is getting ready to rotate. Because interest rates could be detrimental to the dollar index, commodities like gold and oil have started and amplified their rallies.
More than that, a weaker dollar could make American exports more attractive to foreign buyers, such as European nations and even Japan, as their currencies would become stronger relative to the dollar. Apart from being basic economic theory, there is actually a sound bit of evidence behind this trend.
In its 2024 macro outlook report, Goldman Sachs also mentions the expectation for a manufacturing sector breakout in the U.S. Export orders advanced by 6% in February&#39;s ISM manufacturing PMI index, the largest expansionary reading.
Natural gas is used as a raw material (feedstock) when manufacturing products like plastics and chemicals. The manufacturing industry as a whole is going to have to ramp up production to meet these export orders, making the natural gas trade a reality more than a thesis.
<h2>Natural Gas Services: The Momentum Replacement &nbsp;</h2>
Being a $242 million company has its perks. Smaller companies are often outside the purview &ndash; and buying power &ndash; of the significant funds and banks on Wall Street, where the retail investor can gain an advantage.
Not only that, quants at PGIM think that the &lsquo;momentum trade&#39; is now overbought in large capitalization stocks, making small capitalization names the only place to squeeze further momentum in this cycle.
This thesis is at play for Natural Gas Services stock, as Barclays (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bcs#NYSE">BCS</a>) increased its position in the stock by 745% in the past quarter. As mentioned, the bank can&#39;t take a significant stake in the stock as it would create unnecessary scrutiny. Still, a $360,000 investment in the company can be a vote of confidence.
Northern Trust Co. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ntrs#NASDAQ">NTRS</a>) and the Royal Bank of Canada (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ry#NYSE">RY</a>) are other names that are buying the stock. Northern came in with a $470,000 investment, while the Royal Bank saw fit to have $150,000 in exposure to the stock.
The rest of the market is behind the stock&#39;s prospects, as the following factors have been blown above the industry.
<h2>Decoding The Market&#39;s Message for Natural Gas Services Stock </h2>
The Oil and Gas industry trades at an average forward price-to-earnings (forward P/E) ratio of 14.5x, placing Natural Gas Services stock at a 173% premium to its peers. &quot;It must be expensive for a reason&quot; is a saying that applies here; the stock is &lsquo;expensive&#39; because of its future prospects.
Analysts think its earnings per share (EPS) can grow by as much as 182% in the next 12 months, significantly above the industry&#39;s expected 47% growth rate this year.
Natural Gas Services provides the equipment necessary for companies like Kinder Morgan Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kmi#NYSE">KMI</a>) to operate their natural gas pipelines and processing facilities. This is why Natural Gas Services trades at 96% of its 52-week high while pushing out a 12-month performance of 92.4%.
As it is the first to get paid in anticipation of a rally in natural gas (which could mean more profits for Kinder Morgan), markets are willing to overpay today for the future EPS projections for the company.
When natural gas prices peaked in 2014, the stock reached $35 a share. Now that the fundamentals and economic tailwinds align to make a new ceiling a potential reality for the stock, history could repeat itself.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/this-underrated-natural-gas-stock-could-rally-double-digits-soon/">This Underrated Natural Gas Stock Could Rally Double-Digits Soon</a>&quot; first appeared on MarketBeat.

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This Underrated Natural Gas Stock Could Rally Double-Digits Soon

Barclays analyst Brian Morton initiates coverage on Royal Bank of Canada (TSX:<a class="ticker" href="https://www.benzinga.com/stock/RY#TSX">RY</a>) with a Equal-Weight rating and announces Price Target of C$145.

Initiation

Barclays Initiates Coverage On Royal Bank of Canada with Equal-Weight Rating, Announces Price Target of C$145

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TD Securities downgraded Royal Bank of Canada (RY) to Hold from Buy with a price target of C$180, up from C$178. Published first on TheFly – the ul...

Royal Bank of Canada downgraded to Hold from Buy at TD Securities

TD Securities analyst Mario Mendonca last night downgraded Royal Bank of Canada (RY) to Hold from Buy with a price target of C$180, up from C$170. ...

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