Zacks Investment Research Upgrades Royal Bank of Canada (RY) to “Buy”

Royal Bank of Canada (NYSE:RY) (TSE:RY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $89.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.77% from the stock’s previous close.

According to Zacks, “ROYAL BANK of Canada operate under the master brand name of RBC. They are Canada’s largest bank as measured by assets and market capitalization, and one of North America’s leading diversified financial services companies. They provide personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. They have employee approximately Seventy Thousant full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 36 other countries. “

Several other equities analysts also recently weighed in on the company. CIBC downgraded Royal Bank of Canada from an “outperform” rating to a “neutral” rating in a research report on Thursday, February 1st. Bank of America raised Royal Bank of Canada from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 30th. Argus lifted their target price on Royal Bank of Canada to $94.00 and gave the company a “buy” rating in a research report on Friday, January 5th. They noted that the move was a valuation call. BMO Capital Markets reaffirmed a “hold” rating and issued a $102.00 target price on shares of Royal Bank of Canada in a research report on Wednesday, November 29th. Finally, Canaccord Genuity reissued a “hold” rating and set a $105.00 price objective on shares of Royal Bank of Canada in a research report on Wednesday, November 29th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $98.20.

Royal Bank of Canada (NYSE:RY) opened at $78.92 on Wednesday. The firm has a market capitalization of $114,924.23, a PE ratio of 13.76, a price-to-earnings-growth ratio of 1.33 and a beta of 1.08. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.90 and a quick ratio of 0.90. Royal Bank of Canada has a 52-week low of $66.66 and a 52-week high of $87.10.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Wednesday, November 29th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.05. The company had revenue of $8.42 billion during the quarter, compared to the consensus estimate of $7.68 billion. Royal Bank of Canada had a return on equity of 17.01% and a net margin of 22.62%. equities research analysts anticipate that Royal Bank of Canada will post 6.46 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the company. Delpha Capital Management LLC acquired a new position in shares of Royal Bank of Canada during the fourth quarter worth about $151,000. Fieldpoint Private Securities LLC acquired a new position in shares of Royal Bank of Canada during the third quarter worth about $153,000. Asset Advisors Corp acquired a new position in shares of Royal Bank of Canada during the third quarter worth about $178,000. Holderness Investments Co. acquired a new position in shares of Royal Bank of Canada during the third quarter worth about $203,000. Finally, Private Advisor Group LLC acquired a new position in shares of Royal Bank of Canada during the fourth quarter worth about $203,000. 40.44% of the stock is owned by institutional investors and hedge funds.

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About Royal Bank of Canada

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. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.

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