Desjardins Reiterates Buy Rating for Royal Bank of Canada (RY)

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Royal Bank of Canada (NYSE:RY) (TSE:RY)‘s stock had its “buy” rating restated by investment analysts at Desjardins in a research note issued to investors on Thursday, AnalystRatings.com reports. They currently have a $111.00 target price on the financial services provider’s stock. Desjardins’ price objective would suggest a potential upside of 42.31% from the stock’s current price. Desjardins also issued estimates for Royal Bank of Canada’s Q2 2019 earnings at $1.62 EPS, FY2019 earnings at $6.60 EPS and FY2020 earnings at $7.10 EPS.

Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Thursday. Canaccord Genuity reaffirmed a “hold” rating on shares of Royal Bank of Canada in a research note on Friday, February 22nd. Barclays reaffirmed a “sell” rating on shares of Royal Bank of Canada in a research note on Friday, February 22nd. Finally, Scotiabank reaffirmed an “average” rating and issued a $111.00 price objective on shares of Royal Bank of Canada in a research note on Friday, February 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $99.25.

RY stock traded up $0.05 during midday trading on Thursday, reaching $78.00. The company had a trading volume of 89,521 shares, compared to its average volume of 905,969. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.93 and a quick ratio of 0.93. Royal Bank of Canada has a 1 year low of $65.76 and a 1 year high of $81.56. The stock has a market cap of $110.99 billion, a PE ratio of 11.94, a P/E/G ratio of 1.90 and a beta of 1.11.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings results on Friday, February 22nd. The financial services provider reported $1.65 EPS for the quarter, missing the Zacks’ consensus estimate of $1.66 by ($0.01). Royal Bank of Canada had a return on equity of 17.52% and a net margin of 20.85%. The company had revenue of $8.70 billion during the quarter, compared to analysts’ expectations of $8.31 billion. During the same period in the prior year, the firm earned $2.01 EPS. On average, research analysts expect that Royal Bank of Canada will post 6.82 EPS for the current fiscal year.

Several institutional investors have recently made changes to their positions in the company. Resources Investment Advisors Inc. purchased a new stake in Royal Bank of Canada during the 1st quarter valued at $30,000. CWM LLC boosted its position in Royal Bank of Canada by 86.8% during the 1st quarter. CWM LLC now owns 409 shares of the financial services provider’s stock valued at $31,000 after buying an additional 190 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in Royal Bank of Canada during the 4th quarter valued at $38,000. Financial Gravity Companies Inc. purchased a new stake in Royal Bank of Canada during the 4th quarter valued at $38,000. Finally, WP Advisors LLC purchased a new stake in Royal Bank of Canada during the 1st quarter valued at $38,000. 42.23% of the stock is 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 check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.

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Analyst Recommendations for Royal Bank of Canada (NYSE:RY)

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