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

Royal Bank of Canada (NYSE:RY) (TSE:RY) has been given an average rating of “Buy” by the eight brokerages that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $156.50.

Several equities analysts have recently issued reports on RY shares. Cibc World Mkts raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 3rd. Scotiabank started coverage on shares of Royal Bank of Canada in a research note on Thursday, May 15th. They issued a “sector outperform” rating on the stock. CIBC reaffirmed an “outperform” rating on shares of Royal Bank of Canada in a research note on Tuesday. Finally, Wall Street Zen raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, May 9th.

Institutional Trading of Royal Bank of Canada

A number of institutional investors and hedge funds have recently modified their holdings of the company. Park Square Financial Group LLC bought a new position in Royal Bank of Canada during the fourth quarter worth $25,000. Roxbury Financial LLC bought a new position in Royal Bank of Canada during the fourth quarter worth $29,000. WealthTrak Capital Management LLC bought a new position in Royal Bank of Canada during the fourth quarter worth $28,000. Sunbelt Securities Inc. increased its position in Royal Bank of Canada by 2,272.7% during the first quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 250 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new position in Royal Bank of Canada during the first quarter worth $32,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Up 1.3%

Royal Bank of Canada stock opened at $128.21 on Friday. The stock has a market cap of $181.33 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 1.80 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. The company’s 50-day moving average price is $117.54 and its two-hundred day moving average price is $119.53. Royal Bank of Canada has a 52 week low of $102.44 and a 52 week high of $128.73.

Royal Bank of Canada Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th were paid a $1.0251 dividend. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend was Thursday, April 24th. Royal Bank of Canada’s payout ratio is 46.18%.

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.