Royal Bank Of Canada (RY) Stock Rating Upgraded by Canaccord Genuity
Royal Bank Of Canada (NYSE:RY) was upgraded by equities research analysts at Canaccord Genuity from a “hold” rating to a “buy” rating in a research report issued on Thursday, The Fly reports.
Other analysts also recently issued reports about the stock. Argus initiated coverage on shares of Royal Bank Of Canada in a report on Friday, July 1st. They issued a “buy” rating and a $69.00 price objective on the stock. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a report on Sunday, September 11th. Desjardins reaffirmed a “buy” rating and issued a $86.00 price objective on shares of Royal Bank Of Canada in a report on Friday, August 26th. Citigroup Inc. upped their price objective on shares of Royal Bank Of Canada from $88.00 to $89.00 and gave the company a “buy” rating in a report on Monday, August 15th. Finally, Zacks Investment Research downgraded shares of Royal Bank Of Canada from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $83.70.
Royal Bank Of Canada (NYSE:RY) opened at 61.94 on Thursday. Royal Bank Of Canada has a 12 month low of $44.37 and a 12 month high of $64.13. The company’s 50 day moving average is $62.03 and its 200 day moving average is $60.75. The stock has a market cap of $91.90 billion, a PE ratio of 11.93 and a beta of 1.14.
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Royal Bank Of Canada (NYSE:RY) last released its quarterly earnings data on Wednesday, August 24th. The company reported $1.72 EPS for the quarter, beating the consensus estimate of $1.33 by $0.39. The business had revenue of $10.26 billion for the quarter, compared to the consensus estimate of $7.27 billion. Royal Bank Of Canada had a net margin of 22.91% and a return on equity of 16.36%. During the same period in the prior year, the firm earned $1.66 EPS. On average, analysts anticipate that Royal Bank Of Canada will post $5.18 EPS for the current fiscal year.
The business 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 dividend of $0.6449 per share. The ex-dividend date is Monday, October 24th. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $0.62. This represents a $2.58 dividend on an annualized basis and a yield of 4.16%. Royal Bank Of Canada’s dividend payout ratio is currently 50.20%.
Institutional investors have recently bought and sold shares of the company. Cohen & Steers Inc. acquired a new stake in Royal Bank Of Canada during the second quarter worth about $19,755,000. Mackenzie Financial Corp acquired a new stake in Royal Bank Of Canada during the second quarter worth about $417,460,000. Emerald Acquisition Ltd. acquired a new stake in Royal Bank Of Canada during the second quarter worth about $207,239,000. Vanguard Group Inc. raised its stake in Royal Bank Of Canada by 12.0% in the second quarter. Vanguard Group Inc. now owns 28,178,728 shares of the company’s stock worth $1,665,080,000 after buying an additional 3,008,391 shares during the last quarter. Finally, FMR LLC raised its stake in Royal Bank Of Canada by 10.6% in the second quarter. FMR LLC now owns 30,229,683 shares of the company’s stock worth $1,786,240,000 after buying an additional 2,901,424 shares during the last quarter. Institutional investors own 45.07% of the company’s stock.
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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