Analysts Set Royal Bank of Canada (NYSE:RY) Price Target at $156.50

Royal Bank of Canada (NYSE:RY) (TSE:RY) has earned an average recommendation of “Moderate Buy” from the eight analysts that are covering the company, MarketBeat reports. Two analysts have 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 target price among brokerages that have issued a report on the stock in the last year is $156.50.

Several research firms have commented on RY. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. CIBC reiterated a “neutral” rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th. Finally, BMO Capital Markets reduced their target price on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a report on Thursday, December 5th.

Royal Bank of Canada Stock Down 2.3 %

Shares of RY opened at $112.04 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05. The stock has a market capitalization of $158.17 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 1.80 and a beta of 0.88. The stock has a fifty day moving average of $117.43 and a 200-day moving average of $121.03.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be issued a $1.0251 dividend. This represents a $4.10 annualized dividend and a yield of 3.66%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s payout ratio is presently 45.96%.

Hedge Funds Weigh In On Royal Bank of Canada

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Royal Bank of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider’s stock valued at $7,136,056,000 after acquiring an additional 1,104,975 shares during the last quarter. Norges Bank acquired a new stake in Royal Bank of Canada during the fourth quarter worth approximately $2,425,519,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in Royal Bank of Canada by 9.0% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider’s stock worth $1,338,156,000 after purchasing an additional 921,276 shares during the period. Scotia Capital Inc. increased its holdings in Royal Bank of Canada by 1.9% in the fourth quarter. Scotia Capital Inc. now owns 8,891,023 shares of the financial services provider’s stock worth $1,071,536,000 after purchasing an additional 169,437 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Royal Bank of Canada by 31.2% in the fourth quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider’s stock valued at $1,027,061,000 after buying an additional 1,991,364 shares during the period. Institutional investors 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.