Royal Bank of Canada (RY) Stock Rating Reaffirmed by Dundee Securities
Royal Bank of Canada (TSE:RY)‘s stock had its “neutral” rating reaffirmed by equities researchers at Dundee Securities in a research note issued on Wednesday. They currently have a C$87.00 target price on the stock. Dundee Securities’ price target suggests a potential upside of 7.33% from the stock’s previous close.
RY has been the subject of a number of other reports. CSFB cut their target price on shares of Royal Bank of Canada from C$100.00 to C$96.00 and set an “outperform” rating for the company in a report on Thursday, August 25th. Barclays PLC raised their target price on shares of Royal Bank of Canada from C$67.00 to C$72.00 and gave the company an “underweight” rating in a report on Wednesday, August 17th. TD Securities reissued a “hold” rating and issued a C$81.00 target price on shares of Royal Bank of Canada in a report on Monday, June 20th. CIBC raised their target price on shares of Royal Bank of Canada from C$82.00 to C$84.00 in a report on Thursday, August 25th. Finally, National Bank Financial raised their target price on shares of Royal Bank of Canada from C$83.00 to C$84.00 in a report on Thursday, August 25th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of C$84.23.
Shares of Royal Bank of Canada (TSE:RY) traded up 0.48% on Wednesday, reaching $81.45. 980,044 shares of the company’s stock traded hands. The firm has a market cap of $120.85 billion and a P/E ratio of 11.87. The stock has a 50-day moving average of $80.68 and a 200 day moving average of $78.10. Royal Bank of Canada has a 12-month low of $64.52 and a 12-month high of $83.00.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 24th. Stockholders of record on Wednesday, October 26th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 4.10%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.81.
In other news, insider Janice Rose Fukakusa sold 62,960 shares of Royal Bank of Canada stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of C$81.08, for a total transaction of C$5,104,796.80.
Royal Bank of Canada Company Profile
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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