Royal Bank of Canada (NYSE:RY) Upgraded at StockNews.com

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Thursday.

Other research analysts have also issued reports about the company. Desjardins lowered their price target on Royal Bank of Canada from C$143.00 to C$141.00 in a research report on Thursday, August 25th. Scotiabank lowered their target price on Royal Bank of Canada from C$147.00 to C$144.00 in a report on Thursday, August 18th. National Bank Financial boosted their price target on shares of Royal Bank of Canada from C$147.00 to C$148.00 in a research note on Thursday, August 25th. Canaccord Genuity Group lowered their price objective on shares of 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. Finally, TD Securities cut their target price on shares of Royal Bank of Canada from C$150.00 to C$145.00 in a research note on Friday, May 27th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $139.81.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at $96.42 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $134.30 billion, a P/E ratio of 11.12, a P/E/G ratio of 2.53 and a beta of 0.87. The firm’s 50 day moving average price is $96.58 and its 200-day moving average price is $101.59. Royal Bank of Canada has a one year low of $90.75 and a one year high of $119.41.

Hedge Funds Weigh In On Royal Bank of Canada

Several hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC grew its holdings in shares of Royal Bank of Canada by 66.2% during the fourth quarter. International Assets Investment Management LLC now owns 17,270 shares of the financial services provider’s stock worth $142,000 after purchasing an additional 6,879 shares during the last quarter. Private Advisor Group LLC acquired a new position in Royal Bank of Canada during the fourth quarter worth approximately $407,000. Csenge Advisory Group lifted its stake in Royal Bank of Canada by 20.3% in the fourth quarter. Csenge Advisory Group now owns 2,601 shares of the financial services provider’s stock valued at $266,000 after buying an additional 439 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of Royal Bank of Canada by 32.1% in the fourth quarter. Allianz Asset Management GmbH now owns 174,099 shares of the financial services provider’s stock valued at $18,503,000 after acquiring an additional 42,313 shares during the period. Finally, MAI Capital Management acquired a new stake in shares of Royal Bank of Canada in the fourth quarter valued at approximately $207,000. 40.46% of the stock is currently 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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