Royal Bank of Canada (NYSE:RY) Receives $193.00 Consensus Price Target from Brokerages

Shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) have earned an average recommendation of “Moderate Buy” from the eight brokerages that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $193.00.

RY has been the topic of several research analyst reports. Cibc World Mkts upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. CIBC restated an “outperform” rating on shares of Royal Bank of Canada in a research report on Tuesday, May 20th. Wall Street Zen lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, May 31st. Barclays reiterated an “overweight” rating on shares of Royal Bank of Canada in a research report on Monday. Finally, Scotiabank started coverage on shares of Royal Bank of Canada in a research report on Thursday, May 15th. They set a “sector outperform” rating on the stock.

Hedge Funds Weigh In On Royal Bank of Canada

Several institutional investors have recently added to or reduced their stakes in the company. Modern Wealth Management LLC bought a new position in Royal Bank of Canada during the 1st quarter valued at about $298,000. Turn8 Private Wealth Inc. lifted its holdings in Royal Bank of Canada by 13.3% during the 1st quarter. Turn8 Private Wealth Inc. now owns 31,052 shares of the financial services provider’s stock valued at $3,499,000 after purchasing an additional 3,644 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Royal Bank of Canada by 84.1% during the 1st quarter. Acadian Asset Management LLC now owns 273,644 shares of the financial services provider’s stock valued at $30,810,000 after purchasing an additional 125,044 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in Royal Bank of Canada by 6.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 3,766 shares of the financial services provider’s stock valued at $425,000 after purchasing an additional 218 shares during the last quarter. Finally, Intech Investment Management LLC lifted its holdings in Royal Bank of Canada by 22.6% during the 1st quarter. Intech Investment Management LLC now owns 126,753 shares of the financial services provider’s stock valued at $14,276,000 after purchasing an additional 23,360 shares during the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank of Canada Stock Performance

NYSE RY opened at $127.80 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $180.26 billion, a price-to-earnings ratio of 15.47, a P/E/G ratio of 1.80 and a beta of 0.89. The company’s fifty day moving average is $121.79 and its two-hundred day moving average is $119.96. Royal Bank of Canada has a 52-week low of $102.44 and a 52-week high of $129.46.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Thursday, May 29th. The financial services provider reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.05). The company had revenue of $11.38 billion during the quarter, compared to analyst estimates of $15.77 billion. Royal Bank of Canada had a return on equity of 15.26% and a net margin of 12.08%. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.92 earnings per share. Equities research analysts forecast that Royal Bank of Canada will post 9.16 EPS for the current year.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, July 24th will be given a dividend of $1.1152 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. This represents a $4.46 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Thursday, July 24th. Royal Bank of Canada’s payout ratio is 49.78%.

About Royal Bank of Canada

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.