Royal Bank of Canada (NYSE:RY) Upgraded by Cibc World Mkts to “Strong-Buy” Rating

Cibc World Mkts upgraded shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday,Zacks.com reports.

A number of other analysts have also commented on RY. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. CIBC raised Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research report on Friday. Finally, BMO Capital Markets reduced their price target on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $156.50.

Royal Bank of Canada Trading Down 3.5 %

NYSE:RY opened at $111.13 on Thursday. The firm has a fifty day simple moving average of $116.60 and a two-hundred day simple moving average of $120.71. Royal Bank of Canada has a 12 month low of $95.84 and a 12 month high of $128.05. The stock has a market capitalization of $156.88 billion, a price-to-earnings ratio of 13.45, a PEG ratio of 1.80 and a beta of 0.82. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be issued a dividend of $1.0251 per share. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 annualized dividend and a yield of 3.69%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 45.96%.

Hedge Funds Weigh In On Royal Bank of Canada

Several large investors have recently bought and sold shares of RY. Dunhill Financial LLC purchased a new stake in shares of Royal Bank of Canada in the third quarter valued at about $25,000. Park Square Financial Group LLC purchased a new stake in Royal Bank of Canada in the 4th quarter valued at about $25,000. WealthTrak Capital Management LLC bought a new position in shares of Royal Bank of Canada during the 4th quarter worth approximately $28,000. Roxbury Financial LLC purchased a new position in shares of Royal Bank of Canada in the 4th quarter worth approximately $29,000. Finally, Optiver Holding B.V. purchased a new position in shares of Royal Bank of Canada in the 4th quarter worth approximately $35,000. 45.31% of the stock is currently owned by institutional investors.

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.