Royal Bank Of Canada (RY) Upgraded to Buy by Canaccord Genuity
Royal Bank Of Canada (NYSE:RY) was upgraded by equities research analysts at Canaccord Genuity from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday.
Other analysts have also recently issued research reports about the company. Bank of America Corp. restated an “underperform” rating on shares of Royal Bank Of Canada in a research note on Tuesday, July 12th. Barclays PLC reaffirmed an “underweight” rating and set a $72.00 target price (up from $67.00) on shares of Royal Bank Of Canada in a report on Sunday, August 21st. Argus reaffirmed a “buy” rating and set a $71.00 target price (up from $69.00) on shares of Royal Bank Of Canada in a report on Thursday, August 25th. Citigroup Inc. upped their target price on Royal Bank Of Canada from $88.00 to $89.00 and gave the company a “buy” rating in a report on Monday, August 15th. Finally, Zacks Investment Research lowered Royal Bank Of Canada from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. Royal Bank Of Canada presently has a consensus rating of “Hold” and an average target price of $83.70.
Royal Bank Of Canada (NYSE:RY) opened at 61.94 on Thursday. The firm has a market capitalization of $91.90 billion, a PE ratio of 11.93 and a beta of 1.14. The company’s 50-day moving average price is $62.03 and its 200 day moving average price is $60.75. Royal Bank Of Canada has a one year low of $44.37 and a one year high of $64.13.
Royal Bank Of Canada (NYSE:RY) last announced its quarterly earnings data on Wednesday, August 24th. The company reported $1.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.39. Royal Bank Of Canada had a return on equity of 16.36% and a net margin of 22.91%. The firm had revenue of $10.26 billion for the quarter, compared to analysts’ expectations of $7.27 billion. During the same quarter in the prior year, the firm posted $1.66 earnings per share. On average, analysts forecast that Royal Bank Of Canada will post $5.18 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 24th. Shareholders of record on Wednesday, October 26th will be paid a dividend of $0.6449 per share. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $0.62. This represents a $2.58 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date is Monday, October 24th. Royal Bank Of Canada’s dividend payout ratio (DPR) is presently 50.20%.
A number of institutional investors have recently modified their holdings of RY. AMF Pensionsforsakring AB raised its position in shares of Royal Bank Of Canada by 9.2% in the first quarter. AMF Pensionsforsakring AB now owns 1,283,267 shares of the company’s stock worth $74,698,000 after buying an additional 107,839 shares during the last quarter. Willis Investment Counsel raised its position in shares of Royal Bank Of Canada by 1.1% in the first quarter. Willis Investment Counsel now owns 168,100 shares of the company’s stock worth $9,676,000 after buying an additional 1,900 shares during the last quarter. 1832 Asset Management L.P. raised its position in shares of Royal Bank Of Canada by 7.1% in the first quarter. 1832 Asset Management L.P. now owns 18,070,816 shares of the company’s stock worth $1,656,405,000 after buying an additional 1,200,208 shares during the last quarter. OMERS ADMINISTRATION Corp raised its position in shares of Royal Bank Of Canada by 12.7% in the first quarter. OMERS ADMINISTRATION Corp now owns 1,922,400 shares of the company’s stock worth $111,217,000 after buying an additional 216,300 shares during the last quarter. Finally, Cypress Wealth Advisors LLC purchased a new position in shares of Royal Bank Of Canada during the first quarter worth about $308,000. 45.07% of the stock is owned by hedge funds and other institutional investors.
About Royal Bank Of Canada
Royal Bank of Canada (RBC) is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. It operates in five segments: Personal & Commercial Banking, which operates comprises its personal and business banking operations, as well as its auto financing and retail investment businesses; Wealth Management, which comprises Canadian Wealth Management, United States and International Wealth Management and Global Asset Management (GAM); Insurance, which operates under two business lines: Canadian Insurance and International Insurance; Investor & Treasury Services, which is a provider of asset servicing, custody, payments and treasury services, and Capital Markets, which comprises two business lines: Corporate and Investment Banking and Global Markets.
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