RBC Reports Robust Earnings, Share Buyback Plan Amid Technical Weakness

Royal Bank of Canada (RY) reported its quarterly earnings, which exceeded expectations with a 25% year-over-year increase in net income to CAD 5.5 billion.

The bank also raised its quarterly dividend to CAD 1.76 per share and plans to repurchase up to 45 million shares, subject to approval.

Techinally, RY is trading below both the MA-20 at C$288.59 and MA-50 at C$294.73, with immediate resistance at the Ichimoku Kijun at C$291.82.