Royal Bank Of Canada Intends To Commence Normal Course Issuer Bid And To Repurchase For Cancellation Up To 30M Of Its Common Shares
Portfolio Pulse from Benzinga Newsdesk
Royal Bank of Canada (RY) has announced its intention to commence a normal course issuer bid to repurchase and cancel up to 30 million of its common shares.
May 30, 2024 | 10:03 am
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Royal Bank of Canada (RY) has announced a normal course issuer bid to repurchase and cancel up to 30 million of its common shares. This move is likely to positively impact the stock price in the short term as it reduces the number of shares outstanding, potentially increasing earnings per share.
The repurchase and cancellation of shares typically reduce the number of shares outstanding, which can lead to an increase in earnings per share (EPS) and potentially boost the stock price. This action signals confidence from the management in the company's financial health.
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IMPORTANCE 80
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