Barclays began coverage on shares of Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) in a report released on Thursday, The Fly reports. The firm issued an overweight rating on the financial services provider's stock.
A number of other equities research analysts also recently weighed in on the company. Desjardins lowered their target price on Royal Bank of Canada from C$143.00 to C$141.00 in a report on Thursday, August 25th. National Bank Financial raised their price objective on Royal Bank of Canada from C$147.00 to C$148.00 in a research note on Thursday, August 25th. Argus raised their price objective on Royal Bank of Canada from $121.00 to $125.00 and gave the company a buy rating in a research note on Monday, June 6th. Keefe, Bruyette & Woods cut Royal Bank of Canada from a market perform rating to an underperform rating and reduced their price objective for the company from C$132.00 to C$118.00 in a research note on Monday, August 8th. Finally, StockNews.com raised Royal Bank of Canada from a sell rating to a hold rating in a research note on Thursday, September 15th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Royal Bank of Canada presently has a consensus rating of Hold and an average price target of $139.81.
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Royal Bank of Canada Price Performance
Shares of RY opened at $90.84 on Thursday. The company has a market capitalization of $126.52 billion, a price-to-earnings ratio of 10.48, a price-to-earnings-growth ratio of 2.28 and a beta of 0.87. The business has a 50-day moving average of $95.96 and a 200-day moving average of $100.40. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.89 and a quick ratio of 0.89. Royal Bank of Canada has a 1 year low of $89.18 and a 1 year high of $119.41.
Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last issued its earnings results on Wednesday, August 24th. The financial services provider reported $1.98 earnings per share for the quarter, topping analysts' consensus estimates of $1.97 by $0.01. The business had revenue of $9.43 billion during the quarter. Royal Bank of Canada had a return on equity of 16.85% and a net
margin of 26.29%. As a group, equities research analysts anticipate that Royal Bank of Canada will post 8.53 earnings per share for the current year.
Royal Bank of Canada Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 24th. Shareholders of record on Wednesday, October 26th will be given a $1.00 dividend. The ex-dividend date is Tuesday, October 25th. This represents a $4.00 annualized dividend and a yield of 4.40%. This is a boost from Royal Bank of Canada's previous quarterly dividend of $1.00. Royal Bank of Canada's payout ratio is currently 45.91%.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of RY. AdvisorNet Financial Inc raised its stake in shares of Royal Bank of Canada by 5.0% in the first quarter. AdvisorNet Financial Inc now owns 1,974 shares of the financial services provider's stock valued at $218,000 after buying an additional 94 shares during the period. Tilia Fiduciary Partners Inc. raised its stake in shares of Royal Bank of Canada by 10.1% in the first quarter. Tilia Fiduciary Partners Inc. now owns 1,089 shares of the financial services provider's stock valued at $120,000 after buying an additional 100 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in shares of Royal Bank of Canada by 56.8% in the second quarter. Massmutual Trust Co. FSB ADV now owns 290 shares of the financial services provider's stock valued at $28,000 after buying an additional 105 shares during the period. Vident Investment Advisory LLC raised its stake in shares of Royal Bank of Canada by 1.1% in the first quarter. Vident Investment Advisory LLC now owns 9,935 shares of the financial services provider's stock valued at $1,095,000 after buying an additional 105 shares during the period. Finally, Leisure Capital Management raised its stake in shares of Royal Bank of Canada by 1.0% in the first quarter. Leisure Capital Management now owns 10,790 shares of the financial services provider's stock valued at $1,190,000 after buying an additional 107 shares during the period. Hedge funds and other institutional investors own 40.46% of the company's stock.
Royal Bank of Canada Company Profile
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Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.
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