ROYAL BANK OF CANADA $76 (Toronto symbol RY; Conservative Growth and Income Portfolios, Finance sector; Shares outstanding: 1.4 billion; Market cap: $106.4 billion; Price-to-sales ratio: 3.2; Dividend yield: 4.1%; TSINetwork Rating: Above Average; www.rbc.com) continues to sell its less promising overseas operations as it shifts its international focus to the U.S., U.K. and Asia.
For example, it recently sold its retail banking business in the country of Suriname, South America.
It’s also selling its Swiss private banking operations to SYZ Group for an undisclosed sum. This subsidiary offers wealth management services to wealthy investors from emerging markets like Latin America, Africa and the Middle East.
Meanwhile, Royal aims to complete its purchase of Los Angeles-based City National (New York symbol CYN) by the end of 2015. City National focuses on wealthy individuals and lending to businesses in the entertainment, technology and health care industries. Royal plans to merge it with its U.S. wealth management operations.
Royal will pay $5.4 billion U.S. (50% in cash and 50% in shares) for City National. It will start contributing to the bank’s earnings in two years.
The stock trades at 11.5 times Royal’s forecast fiscal 2015 earnings of $6.63 a share. The $3.08 dividend yields 4.1%.
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Privacy Policy and Terms of Use
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Changes to this Policy
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