Brokerages Set Royal Bank Of Canada (NYSE:RY) Price Target at $162.00

Shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) have earned a consensus recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $162.00.

Several research analysts have issued reports on the company. Zacks Research downgraded Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Weiss Ratings raised Royal Bank Of Canada from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a report on Friday. Barclays reaffirmed an “overweight” rating on shares of Royal Bank Of Canada in a report on Thursday, February 19th. Finally, Raymond James Financial downgraded Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th.

Institutional Investors Weigh In On Royal Bank Of Canada

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Royal Bank Of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider’s stock worth $11,529,165,000 after purchasing an additional 1,290,142 shares during the period. FIL Ltd grew its stake in shares of Royal Bank Of Canada by 1.1% during the fourth quarter. FIL Ltd now owns 23,258,871 shares of the financial services provider’s stock worth $3,965,133,000 after purchasing an additional 255,465 shares during the period. Norges Bank acquired a new stake in shares of Royal Bank Of Canada during the fourth quarter worth $3,472,382,000. Bank of Nova Scotia grew its stake in shares of Royal Bank Of Canada by 1.6% during the fourth quarter. Bank of Nova Scotia now owns 15,233,532 shares of the financial services provider’s stock worth $2,596,904,000 after purchasing an additional 238,589 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Royal Bank Of Canada by 6.9% during the fourth quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider’s stock worth $2,389,773,000 after purchasing an additional 882,253 shares during the period. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank Of Canada Trading Up 1.4%

RY stock opened at $191.18 on Wednesday. Royal Bank Of Canada has a 1-year low of $126.02 and a 1-year high of $191.51. The firm has a market cap of $267.21 billion, a P/E ratio of 17.18, a P/E/G ratio of 1.48 and a beta of 0.81. The business’s 50 day moving average is $175.83 and its 200-day moving average is $168.90. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.83% and a net margin of 15.92%.The company had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. During the same period in the prior year, the company posted $3.12 EPS. The company’s revenue was up 11.4% compared to the same quarter last year. Equities analysts anticipate that Royal Bank Of Canada will post 11.52 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be paid a dividend of $1.76 per share. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.7%. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. Royal Bank Of Canada’s payout ratio is presently 42.41%.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.