Royal Bank of Canada (TSE:RY) Downgraded to Hold Rating by Raymond James Financial

Raymond James Financial downgraded shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) from a moderate buy rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

RY has been the topic of a number of other research reports. Jefferies Financial Group raised their target price on Royal Bank of Canada from C$217.00 to C$220.00 in a report on Wednesday, February 11th. National Bank Financial increased their target price on shares of Royal Bank of Canada from C$241.00 to C$247.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Canadian Imperial Bank of Commerce boosted their price target on shares of Royal Bank of Canada from C$229.00 to C$242.00 and gave the stock a “neutral” rating in a report on Friday, February 13th. Desjardins increased their price objective on shares of Royal Bank of Canada from C$250.00 to C$262.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Finally, Scotiabank lifted their target price on shares of Royal Bank of Canada from C$247.00 to C$252.00 and gave the stock a “sector outperform” rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of C$247.62.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock opened at C$249.87 on Tuesday. The stock has a market capitalization of C$347.45 billion, a price-to-earnings ratio of 17.16, a PEG ratio of 3.42 and a beta of 1.14. Royal Bank of Canada has a 52-week low of C$168.93 and a 52-week high of C$249.87. The stock’s 50 day moving average price is C$232.59 and its two-hundred day moving average price is C$227.43.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its earnings results on Thursday, February 26th. The financial services provider reported C$4.08 EPS for the quarter. The company had revenue of C$17.96 billion during the quarter. Royal Bank of Canada had a return on equity of 15.37% and a net margin of 20.88%. On average, equities research analysts forecast that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Royal Bank of Canada Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Friday, May 22nd will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Thursday, April 23rd. This represents a $6.56 dividend on an annualized basis and a yield of 2.6%. Royal Bank of Canada’s payout ratio is presently 42.58%.

Insider Buying and Selling at Royal Bank of Canada

In related news, insider Bruce Washington Ross sold 3,657 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of C$242.82, for a total value of C$887,992.74. Following the sale, the insider owned 235 shares in the company, valued at approximately C$57,062.70. This trade represents a 93.96% decrease in their ownership of the stock. Also, Director David Ian Mckay sold 23,089 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total value of C$5,606,470.98. Following the completion of the sale, the director directly owned 5,873 shares in the company, valued at approximately C$1,426,081.86. The trade was a 79.72% decrease in their position. Insiders have sold a total of 29,110 shares of company stock worth $7,068,490 in the last three months.

Royal Bank of Canada Company Profile

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.