Zacks Investment Research upgraded shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a hold rating to a buy rating in a research report sent to investors on Monday, Zacks.com reports. Zacks Investment Research currently has $114.00 price target on the financial services provider’s stock.
According to Zacks, “ROYAL BANK of Canada operate under the master brand name of RBC. They are Canada’s largest bank as measured by assets and market capitalization, and one of North America’s leading diversified financial services companies. They provide personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. They have employee approximately Seventy Thousant full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 36 other countries. “
Several other analysts have also weighed in on RY. Barclays upped their target price on Royal Bank of Canada from $137.00 to $142.00 and gave the company an overweight rating in a report on Friday, August 13th. Bank of America cut shares of Royal Bank of Canada from a neutral rating to an underperform rating in a research note on Monday, November 22nd. CIBC lifted their target price on shares of Royal Bank of Canada from C$138.00 to C$145.00 and gave the stock a neutral rating in a research report on Thursday, August 26th. Desjardins increased their price target on shares of Royal Bank of Canada from C$138.00 to C$141.00 and gave the company a buy rating in a research report on Friday, August 27th. Finally, Scotiabank lifted their price objective on Royal Bank of Canada from C$148.00 to C$149.00 and gave the stock an outperform rating in a research report on Tuesday, November 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Buy and an average target price of $135.98.
RY opened at $100.10 on Monday. The stock has a market cap of $142.66 billion, a P/E ratio of 11.96, a P/E/G ratio of 1.12 and a beta of 0.97. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.91 and a quick ratio of 0.91. The stock’s 50 day simple moving average is $103.81 and its 200 day simple moving average is $102.87. Royal Bank of Canada has a 1-year low of $79.82 and a 1-year high of $108.09.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 24th. Shareholders of record on Wednesday, January 26th will be issued a $0.939 dividend. The ex-dividend date of this dividend is Tuesday, January 25th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.86. This represents a $3.76 annualized dividend and a yield of 3.75%. Royal Bank of Canada’s payout ratio is 40.62%.
Several hedge funds have recently bought and sold shares of the company. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in Royal Bank of Canada in the second quarter valued at $25,000. Destiny Wealth Partners LLC purchased a new stake in Royal Bank of Canada in the 3rd quarter valued at about $26,000. Tsfg LLC increased its stake in shares of Royal Bank of Canada by 96.8% during the 2nd quarter. Tsfg LLC now owns 309 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 152 shares during the last quarter. Capital Analysts LLC lifted its holdings in shares of Royal Bank of Canada by 66.4% during the 2nd quarter. Capital Analysts LLC now owns 431 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 172 shares during the period. Finally, Jones Financial Companies Lllp boosted its position in shares of Royal Bank of Canada by 930.2% in the third quarter. Jones Financial Companies Lllp now owns 443 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 400 shares during the last quarter. Institutional investors and hedge funds own 40.70% of the company’s stock.
About Royal Bank of Canada
Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.
See Also: Liquidity
For more information about research offerings from Zacks Investment Research, visit Zacks.com