Royal Bank of Canada (NYSE:RY) (TSE:RY) declared that its board has approved a stock buyback plan, which allows the company to repurchase 30,000,000 outstanding shares on Friday, February 23rd, EventVestor reports. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Several research analysts recently commented on the stock. Bank of America upgraded shares of Royal Bank of Canada from a “neutral” rating to a “buy” rating in a report on Tuesday, January 30th. CIBC lowered shares of Royal Bank of Canada from an “outperform” rating to a “neutral” rating in a report on Thursday, February 1st. Argus raised their price target on shares of Royal Bank of Canada to $94.00 and gave the company a “buy” rating in a report on Friday, January 5th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, February 16th. Finally, Scotiabank restated a “hold” rating and issued a $101.00 price target on shares of Royal Bank of Canada in a report on Wednesday, November 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $98.60.
Shares of Royal Bank of Canada (NYSE RY) opened at $78.89 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.89 and a quick ratio of 0.90. Royal Bank of Canada has a 1 year low of $66.66 and a 1 year high of $87.10. The stock has a market cap of $115,310.00, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 1.32 and a beta of 1.08.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 24th. Shareholders of record on Wednesday, April 25th will be given a $0.74 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Tuesday, April 24th. This represents a $2.96 annualized dividend and a yield of 3.75%. Royal Bank of Canada’s dividend payout ratio (DPR) is 49.23%.
Royal Bank of Canada Company Profile
Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
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