Royal Bank of Canada (NYSE:RY) Now Covered by UBS Group

UBS Group started coverage on shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) in a research report sent to investors on Tuesday morning, Marketbeat reports. The firm issued a buy rating on the financial services provider’s stock.

A number of other analysts have also weighed in on the stock. Argus raised their target price on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the company a buy rating in a research report on Thursday, June 6th. Scotiabank raised shares of Royal Bank of Canada from a hold rating to a strong-buy rating in a research note on Friday, May 17th. BMO Capital Markets downgraded shares of Royal Bank of Canada from a strong-buy rating to a hold rating in a research note on Friday, May 31st. Barclays assumed coverage on shares of Royal Bank of Canada in a research note on Wednesday, March 20th. They set an equal weight rating for the company. Finally, StockNews.com raised shares of Royal Bank of Canada from a sell rating to a hold rating in a research note on Friday, May 31st. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $133.25.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock opened at $107.53 on Tuesday. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $109.51. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $152.16 billion, a P/E ratio of 13.34, a P/E/G ratio of 1.67 and a beta of 0.86. The company’s 50 day moving average price is $104.00 and its two-hundred day moving average price is $100.82.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Thursday, May 30th. The financial services provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. Royal Bank of Canada had a net margin of 12.12% and a return on equity of 14.87%. The firm had revenue of $10.43 billion for the quarter, compared to analyst estimates of $9.95 billion. On average, equities analysts forecast that Royal Bank of Canada will post 8.47 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Thursday, July 25th will be paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date is Thursday, July 25th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.02. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 50.62%.

Hedge Funds Weigh In On Royal Bank of Canada

A number of hedge funds have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV raised its holdings in shares of Royal Bank of Canada by 38.6% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,070 shares of the financial services provider’s stock valued at $114,000 after purchasing an additional 298 shares during the period. Transcend Capital Advisors LLC raised its holdings in shares of Royal Bank of Canada by 6.2% during the second quarter. Transcend Capital Advisors LLC now owns 2,322 shares of the financial services provider’s stock valued at $247,000 after purchasing an additional 136 shares during the period. Old Port Advisors raised its holdings in shares of Royal Bank of Canada by 6.1% during the first quarter. Old Port Advisors now owns 18,136 shares of the financial services provider’s stock valued at $1,830,000 after purchasing an additional 1,039 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Royal Bank of Canada by 52.0% during the first quarter. EverSource Wealth Advisors LLC now owns 1,088 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 372 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its holdings in shares of Royal Bank of Canada by 11.9% during the first quarter. DekaBank Deutsche Girozentrale now owns 949,599 shares of the financial services provider’s stock valued at $95,313,000 after purchasing an additional 100,900 shares during the period. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Company Profile

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.