Royal Bank of Canada (NYSE:RY) Rating Lowered to Hold at TD Securities

TD Securities lowered shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a buy rating to a hold rating in a report published on Friday morning, Marketbeat reports.

A number of other research firms also recently weighed in on RY. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Price Performance

Shares of NYSE:RY opened at $122.45 on Friday. The firm has a market capitalization of $173.10 billion, a PE ratio of 14.81, a PEG ratio of 1.86 and a beta of 0.86. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. Royal Bank of Canada has a 1-year low of $85.02 and a 1-year high of $126.96. The business’s 50 day moving average is $123.36 and its 200-day moving average is $114.12.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The firm had revenue of $10.68 billion for the quarter, compared to the consensus estimate of $10.40 billion. Sell-side analysts predict that Royal Bank of Canada will post 8.88 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be given 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 3.36%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 50.79%.

Hedge Funds Weigh In On Royal Bank of Canada

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Capital Performance Advisors LLP bought a new position in shares of Royal Bank of Canada in the third quarter valued at about $25,000. Dunhill Financial LLC bought a new position in shares of Royal Bank of Canada in the third quarter worth about $25,000. Larson Financial Group LLC acquired a new position in shares of Royal Bank of Canada during the third quarter worth approximately $26,000. Ridgewood Investments LLC bought a new stake in shares of Royal Bank of Canada during the second quarter valued at approximately $27,000. Finally, Grove Bank & Trust acquired a new stake in shares of Royal Bank of Canada in the third quarter valued at approximately $28,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

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.