Royal Bank of Canada (NYSE:RY) Receives Average Recommendation of “Buy” from Analysts

Royal Bank of Canada (NYSE:RY) (TSE:RY) has received a consensus recommendation of “Buy” from the seven ratings firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $142.50.

RY has been the subject of several research analyst reports. UBS Group initiated coverage on Royal Bank of Canada in a report on Tuesday, July 2nd. They issued a “buy” rating for the company. BMO Capital Markets upped their price target on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Finally, Argus boosted 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 note on Thursday, June 6th.

Royal Bank of Canada Stock Down 1.2 %

RY stock opened at $121.39 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The firm has a 50 day simple moving average of $117.12 and a 200-day simple moving average of $108.57. The company has a market capitalization of $171.78 billion, a P/E ratio of 15.06, a PEG ratio of 2.02 and a beta of 0.86. Royal Bank of Canada has a twelve month low of $77.90 and a twelve month high of $125.28.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.23. The company had revenue of $10.68 billion during the quarter, compared to analyst estimates of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. On average, equities research analysts predict that Royal Bank of Canada will post 8.97 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be paid a dividend of $1.028 per share. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.39%. Royal Bank of Canada’s payout ratio is currently 52.11%.

Hedge Funds Weigh In On Royal Bank of Canada

Several hedge funds and other institutional investors have recently modified their holdings of RY. Ridgewood Investments LLC bought a new position in Royal Bank of Canada in the 2nd quarter worth approximately $27,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Royal Bank of Canada in the second quarter worth $33,000. Mather Group LLC. bought a new position in shares of Royal Bank of Canada in the first quarter worth $49,000. Nisa Investment Advisors LLC increased its holdings in shares of Royal Bank of Canada by 293.8% during the second quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 379 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Royal Bank of Canada during the first quarter valued at about $86,000. Institutional investors and hedge funds 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.