Royal Bank of Canada (NYSE:RY) Given Consensus Rating of “Buy” by Analysts

Royal Bank of Canada (NYSE:RY) (TSE:RY) has been assigned a consensus rating of “Buy” from the thirteen ratings firms that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $135.89.

A number of research firms have commented on RY. Zacks Investment Research raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Saturday, August 28th. 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. BMO Capital Markets boosted their price objective on shares of Royal Bank of Canada from C$139.00 to C$142.00 and gave the company a “market perform” rating in a research report on Thursday, August 26th. Credit Suisse Group raised their target price on shares of Royal Bank of Canada from C$135.00 to C$140.00 and gave the stock an “outperform” rating in a research report on Thursday, August 26th. Finally, Canaccord Genuity lifted their target price on shares of Royal Bank of Canada from C$140.00 to C$143.00 and gave the company a “buy” rating in a research note on Thursday, August 26th.

Institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its position in Royal Bank of Canada by 41.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 151,246 shares of the financial services provider’s stock valued at $13,946,000 after buying an additional 44,343 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of Royal Bank of Canada by 42.3% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 2,753 shares of the financial services provider’s stock worth $254,000 after acquiring an additional 819 shares during the last quarter. Koshinski Asset Management Inc. bought a new position in shares of Royal Bank of Canada during the first quarter valued at $205,000. Prospera Financial Services Inc raised its position in shares of Royal Bank of Canada by 18.7% in the 1st quarter. Prospera Financial Services Inc now owns 8,029 shares of the financial services provider’s stock worth $740,000 after purchasing an additional 1,263 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC boosted its stake in Royal Bank of Canada by 279.1% in the 1st quarter. Quantitative Systematic Strategies LLC now owns 13,419 shares of the financial services provider’s stock worth $1,237,000 after purchasing an additional 9,879 shares in the last quarter. Institutional investors own 40.73% of the company’s stock.

Shares of NYSE RY traded up $0.28 during mid-day trading on Monday, hitting $101.35. The stock had a trading volume of 2,834,400 shares, compared to its average volume of 1,138,725. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. Royal Bank of Canada has a 1 year low of $67.78 and a 1 year high of $106.40. The business has a 50 day moving average price of $102.12 and a two-hundred day moving average price of $99.73. The firm has a market cap of $144.42 billion, a P/E ratio of 12.13, a price-to-earnings-growth ratio of 1.06 and a beta of 0.98.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Tuesday, August 24th. The financial services provider reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.16 by $0.84. The firm had revenue of $10.38 billion for the quarter, compared to analysts’ expectations of $11.86 billion. Royal Bank of Canada had a net margin of 27.06% and a return on equity of 18.54%. During the same quarter in the previous year, the company earned $2.20 earnings per share. Equities research analysts predict that Royal Bank of Canada will post 8.86 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 24th. Investors of record on Tuesday, October 26th will be paid a dividend of $0.858 per share. This represents a $3.43 annualized dividend and a yield of 3.39%. The ex-dividend date is Monday, October 25th. Royal Bank of Canada’s payout ratio is currently 58.68%.

Royal Bank of Canada Company Profile

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.

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

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