Royal Bank of Canada (NYSE:RY) Downgraded by StockNews.com

StockNews.com lowered shares of Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) from a hold rating to a sell rating in a research note released on Friday morning.

Several other research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods cut Royal Bank of Canada from a market perform rating to an underperform rating and decreased their target price for the company from C$132.00 to C$118.00 in a research note on Monday, August 8th. Credit Suisse Group decreased their target price on Royal Bank of Canada from C$144.00 to C$143.00 in a research note on Thursday, August 25th. Canaccord Genuity Group decreased their target price on Royal Bank of Canada from C$134.00 to C$131.50 and set a hold rating for the company in a research note on Thursday, August 18th. Barclays began coverage on Royal Bank of Canada in a research note on Thursday, September 29th. They set an overweight rating for the company. Finally, National Bank Financial raised their target price on Royal Bank of Canada from C$147.00 to C$148.00 in a research note on Thursday, August 25th. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Royal Bank of Canada has an average rating of Hold and a consensus target price of $139.81.

Royal Bank of Canada Trading Down 0.2 %

NYSE:RY opened at $99.13 on Friday. Royal Bank of Canada has a 1 year low of $83.63 and a 1 year high of $119.41. The stock has a market cap of $137.41 billion, a price-to-earnings ratio of 11.43, a PEG ratio of 2.37 and a beta of 0.82. The business has a fifty day moving average of $92.94 and a 200-day moving average of $96.19. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.89 and a current ratio of 0.89.

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) last released its quarterly earnings results on Wednesday, August 24th. The financial services provider reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.01. Royal Bank of Canada had a return on equity of 16.85% and a net margin of 26.29%. The company had revenue of $9.43 billion during the quarter. Equities analysts predict that Royal Bank of Canada will post 8.41 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 24th. Investors of record on Wednesday, October 26th will be given a $1.00 dividend. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, October 25th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.04%. Royal Bank of Canada’s dividend payout ratio (DPR) is 42.68%.

Institutional Investors Weigh In On Royal Bank of Canada

Hedge funds have recently bought and sold shares of the business. CIBC Private Wealth Group LLC lifted its stake in Royal Bank of Canada by 185.6% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 277 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 180 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in Royal Bank of Canada by 56.8% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 290 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 105 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new stake in Royal Bank of Canada in the 2nd quarter worth about $29,000. Financial Management Professionals Inc. lifted its stake in Royal Bank of Canada by 64.9% in the 3rd quarter. Financial Management Professionals Inc. now owns 343 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 135 shares in the last quarter. Finally, Venture Visionary Partners LLC purchased a new stake in Royal Bank of Canada in the 2nd quarter worth about $33,000. 40.46% of the stock is owned by hedge funds and other institutional investors.

About Royal Bank of Canada

(Get Rating)

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.

Further Reading

Analyst Recommendations for Royal Bank of Canada (NYSE:RY)

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