ValuEngine downgraded shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a buy rating to a hold rating in a report issued on Thursday.

RY has been the subject of several other reports. Zacks Investment Research lowered Royal Bank of Canada from a buy rating to a hold rating in a research note on Friday, February 16th. Scotiabank restated a hold rating and set a $101.00 price target on shares of Royal Bank of Canada in a research note on Wednesday, November 22nd. CIBC lowered Royal Bank of Canada from an outperform rating to a neutral rating in a research note on Thursday, February 1st. Argus upped their price target on Royal Bank of Canada to $94.00 and gave the stock a buy rating in a research note on Friday, January 5th. They noted that the move was a valuation call. Finally, Canaccord Genuity reiterated a hold rating and issued a $105.00 target price on shares of Royal Bank of Canada in a research note on Wednesday, November 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. The company has an average rating of Hold and an average target price of $98.60.

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Shares of Royal Bank of Canada (NYSE:RY) opened at $79.39 on Thursday. The company has a market capitalization of $116,040.00, a PE ratio of 13.62, a price-to-earnings-growth ratio of 1.41 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.89 and a current ratio of 0.89. Royal Bank of Canada has a 12 month low of $66.66 and a 12 month high of $87.10.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Friday, February 23rd. The financial services provider reported $1.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.15. The company had revenue of $10.83 billion during the quarter, compared to analyst estimates of $9.98 billion. Royal Bank of Canada had a return on equity of 17.60% and a net margin of 21.64%. The firm’s revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.83 earnings per share. sell-side analysts anticipate that Royal Bank of Canada will post 6.66 EPS for the current fiscal year.

Royal Bank of Canada announced that its board has initiated a share repurchase plan on Friday, February 23rd that authorizes the company to repurchase 30,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 24th. Stockholders of record on Wednesday, April 25th will be paid a $0.74 dividend. The ex-dividend date is Tuesday, April 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.73%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.72. Royal Bank of Canada’s dividend payout ratio (DPR) is 49.40%.

Several hedge funds have recently bought and sold shares of the company. TD Asset Management Inc. grew its stake in shares of Royal Bank of Canada by 1.1% in the third quarter. TD Asset Management Inc. now owns 41,729,683 shares of the financial services provider’s stock valued at $3,221,184,000 after buying an additional 436,782 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Royal Bank of Canada by 273.2% in the fourth quarter. Mackenzie Financial Corp now owns 23,581,923 shares of the financial services provider’s stock valued at $1,925,464,000 after buying an additional 17,263,862 shares in the last quarter. CIBC World Markets Inc. boosted its holdings in Royal Bank of Canada by 0.5% in the fourth quarter. CIBC World Markets Inc. now owns 22,552,306 shares of the financial services provider’s stock valued at $1,841,396,000 after purchasing an additional 109,238 shares during the last quarter. Jarislowsky Fraser Ltd boosted its holdings in Royal Bank of Canada by 0.8% in the third quarter. Jarislowsky Fraser Ltd now owns 16,449,799 shares of the financial services provider’s stock valued at $1,269,791,000 after purchasing an additional 132,595 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Royal Bank of Canada by 72.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 13,820,450 shares of the financial services provider’s stock valued at $1,128,440,000 after purchasing an additional 5,799,705 shares during the last quarter. Institutional investors and hedge funds own 41.90% of the company’s stock.

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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. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.

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Analyst Recommendations for Royal Bank of Canada (NYSE:RY)

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