Royal Bank of Canada (NYSE:RY) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) has earned an average recommendation of “Moderate Buy” from the fifteen brokerages that are presently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $142.30.

Several brokerages have recently commented on RY. Barclays began coverage on shares of Royal Bank of Canada in a report on Thursday, September 29th. They set an “overweight” rating on the stock. Keefe, Bruyette & Woods upgraded shares of Royal Bank of Canada from an “underperform” rating to a “market perform” rating in a research report on Thursday, December 1st. Desjardins increased their price target on shares of Royal Bank of Canada from C$140.00 to C$145.00 in a research report on Thursday, December 1st. National Bank Financial reduced their price target on shares of Royal Bank of Canada from C$148.00 to C$147.00 in a research report on Thursday, December 1st. Finally, Bank of America upgraded shares of Royal Bank of Canada from an “underperform” rating to a “neutral” rating in a research report on Monday, December 12th.

Royal Bank of Canada Stock Up 0.2 %

Shares of RY opened at $99.87 on Friday. Royal Bank of Canada has a 12 month low of $83.63 and a 12 month high of $118.37. The firm’s 50 day moving average is $97.34 and its 200-day moving average is $95.46. The stock has a market capitalization of $138.39 billion, a PE ratio of 11.61, a P/E/G ratio of 1.77 and a beta of 0.84. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.10.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 24th. Shareholders of record on Thursday, January 26th will be given a $0.9832 dividend. The ex-dividend date is Wednesday, January 25th. This represents a $3.93 dividend on an annualized basis and a yield of 3.94%. Royal Bank of Canada’s dividend payout ratio is currently 43.02%.

Institutional Trading of Royal Bank of Canada

A number of hedge funds have recently added to or reduced their stakes in RY. Toronto Dominion Bank boosted its position in Royal Bank of Canada by 28.0% in the third quarter. Toronto Dominion Bank now owns 18,405,848 shares of the financial services provider’s stock valued at $1,660,282,000 after buying an additional 4,031,170 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Royal Bank of Canada by 4.2% during the second quarter. Bank of Montreal Can now owns 65,946,059 shares of the financial services provider’s stock worth $6,817,816,000 after purchasing an additional 2,687,026 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Royal Bank of Canada by 257.6% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,580,147 shares of the financial services provider’s stock worth $346,640,000 after purchasing an additional 2,579,121 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Royal Bank of Canada by 2.4% during the third quarter. Vanguard Group Inc. now owns 50,653,309 shares of the financial services provider’s stock worth $4,560,824,000 after purchasing an additional 1,191,987 shares during the period. Finally, Legal & General Group Plc lifted its holdings in shares of Royal Bank of Canada by 10.3% during the second quarter. Legal & General Group Plc now owns 8,400,941 shares of the financial services provider’s stock worth $811,689,000 after purchasing an additional 782,842 shares during the period. Institutional investors and hedge funds own 41.19% of the company’s stock.

Royal Bank of Canada Company Profile

(Get Rating)

Royal Bank of Canada operates as a diversified financial service company. The company operates through five segments: Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury, and Capital Markets. The Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions, as well as indirect lending, including auto financing; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.

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

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