Royal Bank of Canada (NYSE:RY) (TSE:RY) was downgraded by equities research analysts at CIBC from an “outperform” rating to a “neutral” rating in a research report issued on Thursday, The Fly reports.
Several other analysts have also recently commented on RY. Canaccord Genuity restated a “hold” rating and set a $105.00 target price on shares of Royal Bank of Canada in a report on Wednesday, November 29th. Argus increased their target price on Royal Bank of Canada to $94.00 and gave the stock a “buy” rating in a report on Friday, January 5th. They noted that the move was a valuation call. Bank of America upgraded Royal Bank of Canada from a “neutral” rating to a “buy” rating in a report on Tuesday. BMO Capital Markets restated a “hold” rating and set a $102.00 target price on shares of Royal Bank of Canada in a report on Wednesday, November 29th. Finally, Scotiabank restated a “hold” rating and set a $101.00 target price on shares of Royal Bank of Canada in a report on Wednesday, November 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. Royal Bank of Canada has an average rating of “Hold” and an average price target of $97.00.
Shares of Royal Bank of Canada (RY) traded down $0.61 during trading hours on Thursday, reaching $85.06. The company’s stock had a trading volume of 583,999 shares, compared to its average volume of 732,689. Royal Bank of Canada has a 52-week low of $66.66 and a 52-week high of $87.10. The company has a market capitalization of $124,309.95, a PE ratio of 14.74, a price-to-earnings-growth ratio of 1.87 and a beta of 1.07. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.14.
Hedge funds have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership grew its holdings in shares of Royal Bank of Canada by 25,974.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 5,267,110 shares of the financial services provider’s stock worth $381,962,000 after purchasing an additional 5,246,910 shares during the last quarter. TD Asset Management Inc. lifted its stake in shares of Royal Bank of Canada by 1.1% during the third quarter. TD Asset Management Inc. now owns 41,729,683 shares of the financial services provider’s stock valued at $3,221,184,000 after acquiring an additional 436,782 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Royal Bank of Canada by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 1,226,386 shares of the financial services provider’s stock valued at $94,860,000 after acquiring an additional 8,747 shares during the period. Guardian Capital LP lifted its stake in shares of Royal Bank of Canada by 3.9% during the third quarter. Guardian Capital LP now owns 4,445,146 shares of the financial services provider’s stock valued at $343,017,000 after acquiring an additional 167,744 shares during the period. Finally, Parametric Portfolio Associates LLC lifted its stake in shares of Royal Bank of Canada by 13.2% during the third quarter. Parametric Portfolio Associates LLC now owns 530,570 shares of the financial services provider’s stock valued at $41,040,000 after acquiring an additional 61,912 shares during the period. Institutional investors own 40.45% of the company’s stock.
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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.
