Brokerages Set Royal Bank Of Canada (NYSE:RY) Price Target at $162.00

Shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) have been assigned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $162.00.

Several equities research analysts have weighed in on the stock. Zacks Research cut shares of Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a report on Friday. Barclays reiterated an “overweight” rating on shares of Royal Bank Of Canada in a report on Thursday, February 19th. Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, May 4th. Finally, Weiss Ratings downgraded shares of Royal Bank Of Canada from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 18th.

Hedge Funds Weigh In On Royal Bank Of Canada

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RY. Florida Trust Wealth Management Co lifted its holdings in shares of Royal Bank Of Canada by 2.8% in the fourth quarter. Florida Trust Wealth Management Co now owns 2,190 shares of the financial services provider’s stock worth $373,000 after buying an additional 60 shares in the last quarter. Echo45 Advisors LLC increased its position in Royal Bank Of Canada by 5.0% in the first quarter. Echo45 Advisors LLC now owns 1,258 shares of the financial services provider’s stock worth $204,000 after purchasing an additional 60 shares during the last quarter. Fiduciary Financial Group LLC increased its position in Royal Bank Of Canada by 3.4% in the fourth quarter. Fiduciary Financial Group LLC now owns 1,879 shares of the financial services provider’s stock worth $320,000 after purchasing an additional 61 shares during the last quarter. Key Financial Inc increased its position in Royal Bank Of Canada by 63.0% in the first quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 63 shares during the last quarter. Finally, Alta Capital Management LLC increased its position in Royal Bank Of Canada by 4.0% in the fourth quarter. Alta Capital Management LLC now owns 1,686 shares of the financial services provider’s stock worth $287,000 after purchasing an additional 65 shares during the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank Of Canada Price Performance

NYSE:RY opened at $189.92 on Wednesday. The company has a market capitalization of $265.45 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 1.48 and a beta of 0.80. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The company has a 50-day moving average of $175.27 and a 200-day moving average of $168.46. Royal Bank Of Canada has a 52 week low of $124.19 and a 52 week high of $191.51.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.81 by $0.03. The business had revenue of $12.84 billion during the quarter, compared to analysts’ expectations of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.83%. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter last year, the company posted $3.12 EPS. As a group, equities research analysts anticipate that Royal Bank Of Canada will post 11.53 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be given a dividend of $1.76 per share. This represents a $7.04 dividend on an annualized basis and a yield of 3.7%. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. Royal Bank Of Canada’s dividend payout ratio (DPR) is presently 45.17%.

Trending Headlines about Royal Bank Of Canada

Here are the key news stories impacting Royal Bank Of Canada this week:

• Positive Sentiment: Royal Bank of Canada reported quarterly earnings and revenue above analyst expectations, helped by stronger-than-forecast results across most business segments and lower loan-loss provisions. RBC Beats Estimates on Strong Results Across Its Business Lines
• Positive Sentiment: The company increased its quarterly dividend to $1.76 per share from $1.64, signaling management confidence in earnings power and capital strength. Royal Bank Of Canada Price Performance
• Positive Sentiment: Management sounded upbeat on the Canadian economy and said it is not worried about fintech competition, reinforcing the view that RBC can defend its market position. RBC CEO not afraid of competition, dismisses possibility of fintech disruption
• Neutral Sentiment: Insider buying was reported in a separate RIAEX filing tied to Global Asset Management (U.S.) Inc. RBC, but it does not appear directly related to Royal Bank of Canada’s public shares. Insider Purchase: 10% owner at $RIAEX Buys 1,956,000 Shares

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.