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

Royal Bank of Canada (NYSE:RY) (TSE:RY) has received an average rating of “Moderate Buy” from the eight research firms that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $156.50.

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

Institutional Investors Weigh In On Royal Bank of Canada

A number of hedge funds and other institutional investors have recently made changes to their positions in RY. Dunhill Financial LLC bought a new stake in Royal Bank of Canada in the third quarter worth $25,000. Park Square Financial Group LLC acquired a new stake in shares of Royal Bank of Canada in the fourth quarter worth about $25,000. Larson Financial Group LLC bought a new stake in shares of Royal Bank of Canada during the 3rd quarter worth about $26,000. WealthTrak Capital Management LLC acquired a new position in shares of Royal Bank of Canada during the 4th quarter valued at about $28,000. Finally, Roxbury Financial LLC acquired a new position in shares of Royal Bank of Canada during the 4th quarter valued at about $29,000. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Stock Up 0.4 %

RY stock opened at $115.20 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $162.63 billion, a P/E ratio of 13.95, a P/E/G ratio of 1.80 and a beta of 0.88. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05. The company’s 50 day simple moving average is $116.83 and its 200-day simple moving average is $120.79.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be paid a $1.0251 dividend. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 dividend on an annualized basis and a yield of 3.56%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 45.96%.

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.