Royal Bank Of Canada (RY) Upgraded to Buy by Canaccord Genuity
Royal Bank Of Canada (NYSE:RY) was upgraded by Canaccord Genuity from a “hold” rating to a “buy” rating in a report released on Thursday, The Fly reports.
Other equities research analysts have also recently issued research reports about the stock. Argus started coverage on shares of Royal Bank Of Canada in a research note on Friday, July 1st. They issued a “buy” rating and a $69.00 target price for the company. Credit Suisse Group AG reiterated a “buy” rating on shares of Royal Bank Of Canada in a research note on Sunday, September 11th. Desjardins restated a “buy” rating and set a $86.00 price target on shares of Royal Bank Of Canada in a research note on Friday, August 26th. Citigroup Inc. raised their price target on shares of Royal Bank Of Canada from $88.00 to $89.00 and gave the stock a “buy” rating in a research note on Monday, August 15th. Finally, Zacks Investment Research cut shares of Royal Bank Of Canada from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently 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 52 week low of $44.37 and a 52 week high of $64.13. The firm’s 50-day moving average price is $62.03 and its 200-day moving average price is $60.75. The company has a market capitalization of $91.90 billion, a price-to-earnings ratio of 11.93 and a beta of 1.14.
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Royal Bank Of Canada (NYSE:RY) last released its earnings results on Wednesday, August 24th. The company reported $1.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.39. Royal Bank Of Canada had a net margin of 22.91% and a return on equity of 16.36%. The business earned $10.26 billion during the quarter, compared to analysts’ expectations of $7.27 billion. During the same quarter last year, the company earned $1.66 earnings per share. On average, equities analysts expect that Royal Bank Of Canada will post $5.18 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 24th. Investors of record on Wednesday, October 26th will be issued a $0.6449 dividend. The ex-dividend date of this dividend is Monday, October 24th. This represents a $2.58 dividend on an annualized basis and a dividend yield of 4.16%. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $0.62. Royal Bank Of Canada’s dividend payout ratio (DPR) is currently 50.20%.
Several hedge funds have recently modified their holdings of the stock. Nexus Investment Management Inc. raised its stake in shares of Royal Bank Of Canada by 1.6% in the third quarter. Nexus Investment Management Inc. now owns 465,519 shares of the company’s stock worth $28,839,000 after buying an additional 7,150 shares in the last quarter. Capstone Asset Management Co. raised its stake in shares of Royal Bank Of Canada by 2.2% in the third quarter. Capstone Asset Management Co. now owns 216,530 shares of the company’s stock worth $13,416,000 after buying an additional 4,622 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Royal Bank Of Canada during the third quarter worth $242,000. Hexavest Inc. raised its stake in shares of Royal Bank Of Canada by 1.7% in the third quarter. Hexavest Inc. now owns 278,918 shares of the company’s stock worth $17,245,000 after buying an additional 4,757 shares in the last quarter. Finally, Carroll Financial Associates Inc. raised its stake in shares of Royal Bank Of Canada by 12.7% in the third quarter. Carroll Financial Associates Inc. now owns 15,990 shares of the company’s stock worth $990,000 after buying an additional 1,805 shares in the last quarter. 45.07% of the stock is owned by institutional investors and hedge funds.
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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