Royal Bank of Canada (RY) Upgraded to “Buy” by TD Securities
TD Securities upgraded shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) from a hold rating to a buy rating in a report released on Monday. The firm currently has C$96.00 price target on the stock, up from their previous price target of C$86.00.
A number of other equities analysts also recently commented on the stock. CIBC raised their target price on shares of Royal Bank of Canada from C$84.00 to C$87.00 in a research note on Friday, September 2nd. Keefe, Bruyette & Woods raised their price objective on shares of Royal Bank of Canada from C$71.00 to C$74.00 in a report on Thursday, August 18th. National Bank Financial raised their price objective on shares of Royal Bank of Canada from C$83.00 to C$84.00 in a report on Thursday, August 25th. Desjardins raised their price objective on shares of Royal Bank of Canada from C$86.00 to C$89.00 in a report on Monday, November 14th. Finally, Barclays PLC raised their price objective on shares of Royal Bank of Canada from C$74.00 to C$77.00 in a report on Monday. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of C$86.77.
Royal Bank of Canada (TSE:RY) opened at 88.95 on Monday. The firm has a market cap of $131.98 billion and a P/E ratio of 12.96. Royal Bank of Canada has a 1-year low of $64.52 and a 1-year high of $89.26. The firm has a 50-day moving average of $83.79 and a 200 day moving average of $80.52.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 24th. Shareholders of record on Wednesday, October 26th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.73%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend is Monday, October 24th.
In other Royal Bank of Canada news, insider Janice Rose Fukakusa sold 62,960 shares of the business’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of C$81.08, for a total transaction of C$5,104,796.80.
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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