Royal Bank of Canada (NYSE:RY) Downgraded by StockNews.com

StockNews.com downgraded shares of Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) from a hold rating to a sell rating in a report released on Friday.

A number of other research firms have also issued reports on RY. Desjardins lowered their target price on Royal Bank of Canada from C$143.00 to C$141.00 in a report on Thursday, August 25th. Canaccord Genuity Group lowered their target price on Royal Bank of Canada from C$134.00 to C$131.50 and set a hold rating on the stock in a report on Thursday, August 18th. Credit Suisse Group lowered their target price on Royal Bank of Canada from C$144.00 to C$143.00 in a report on Thursday, August 25th. Keefe, Bruyette & Woods lowered Royal Bank of Canada from a market perform rating to an underperform rating and decreased their price objective for the stock from C$132.00 to C$118.00 in a report on Monday, August 8th. Finally, Scotiabank decreased their price objective on Royal Bank of Canada from C$147.00 to C$144.00 in a report on Thursday, August 18th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Royal Bank of Canada presently has a consensus rating of Hold and an average price target of $139.81.

Royal Bank of Canada Stock Down 0.2 %

Shares of RY stock opened at $99.13 on Friday. The company has a market capitalization of $137.41 billion, a price-to-earnings ratio of 11.43, a PEG ratio of 2.37 and a beta of 0.82. The stock’s 50 day simple moving average is $92.94 and its 200 day simple moving average is $96.19. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.89 and a current ratio of 0.89. Royal Bank of Canada has a twelve month low of $83.63 and a twelve month high of $119.41.

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) last released its earnings results on Wednesday, August 24th. The financial services provider reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.97 by $0.01. The firm had revenue of $9.43 billion for the quarter. Royal Bank of Canada had a return on equity of 16.85% and a net margin of 26.29%. As a group, research analysts predict that Royal Bank of Canada will post 8.41 EPS for the current year.

Royal Bank of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 24th. Investors of record on Wednesday, October 26th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Tuesday, October 25th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.00. Royal Bank of Canada’s dividend payout ratio (DPR) is 42.68%.

Hedge Funds Weigh In On Royal Bank of Canada

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Montreal Can lifted its position in shares of Royal Bank of Canada by 4.2% during the 2nd quarter. Bank of Montreal Can now owns 65,946,059 shares of the financial services provider’s stock worth $6,817,816,000 after buying an additional 2,687,026 shares during the period. Vanguard Group Inc. raised its position in Royal Bank of Canada by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 50,653,309 shares of the financial services provider’s stock valued at $4,560,824,000 after purchasing an additional 1,191,987 shares during the last quarter. Wellington Management Group LLP raised its position in Royal Bank of Canada by 265.8% in the 1st quarter. Wellington Management Group LLP now owns 19,835,260 shares of the financial services provider’s stock valued at $2,185,770,000 after purchasing an additional 14,412,851 shares during the last quarter. Toronto Dominion Bank raised its position in Royal Bank of Canada by 28.0% in the 3rd quarter. Toronto Dominion Bank now owns 18,405,848 shares of the financial services provider’s stock valued at $1,660,282,000 after purchasing an additional 4,031,170 shares during the last quarter. Finally, 1832 Asset Management L.P. raised its position in Royal Bank of Canada by 3.4% in the 1st quarter. 1832 Asset Management L.P. now owns 18,380,046 shares of the financial services provider’s stock valued at $1,998,605,000 after purchasing an additional 608,072 shares during the last quarter. Institutional investors own 40.46% of the company’s stock.

About Royal Bank of Canada

(Get Rating)

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.

Further Reading

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

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