Royal Bank of Canada (NYSE:RY) Upgraded at Zacks Investment Research


Zacks Investment Research upgraded shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a hold rating to a buy rating in a report published on Friday morning, Zacks.com reports. Zacks Investment Research currently has $92.00 target price on the financial services provider’s stock.

According to Zacks, “ROYAL BANK of Canada operate under the master brand name of RBC. They are Canada’s largest bank as measured by assets and market capitalization, and one of North America’s leading diversified financial services companies. They provide personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. They have employee approximately Seventy Thousant full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 36 other countries. “

A number of other brokerages have also recently commented on RY. Scotiabank lifted their price target on Royal Bank of Canada from $122.00 to $125.00 and gave the stock an outperform rating in a research note on Thursday, December 3rd. Veritas Investment Research raised Royal Bank of Canada from a sell rating to a buy rating in a research note on Thursday, October 29th. Barclays boosted their target price on Royal Bank of Canada from $108.00 to $112.00 and gave the company an overweight rating in a research note on Thursday, November 12th. Canaccord Genuity boosted their target price on Royal Bank of Canada from $107.50 to $113.50 and gave the company a hold rating in a research note on Thursday, December 3rd. Finally, CIBC boosted their target price on Royal Bank of Canada from $127.00 to $128.00 and gave the company a neutral rating in a research note on Thursday, December 3rd. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Royal Bank of Canada presently has an average rating of Buy and an average price target of $104.95.

Shares of RY opened at $83.52 on Friday. The stock has a 50-day moving average price of $83.07 and a 200-day moving average price of $76.80. The company has a market cap of $118.94 billion, a PE ratio of 14.25, a price-to-earnings-growth ratio of 1.75 and a beta of 0.99. Royal Bank of Canada has a 12-month low of $49.55 and a 12-month high of $86.14. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.12.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Tuesday, December 1st. The financial services provider reported $2.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.54 by $0.73. The company had revenue of $11.09 billion during the quarter, compared to the consensus estimate of $11.45 billion. Royal Bank of Canada had a return on equity of 14.84% and a net margin of 18.78%. Royal Bank of Canada’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.18 EPS. As a group, analysts predict that Royal Bank of Canada will post 6.62 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 24th. Stockholders of record on Tuesday, January 26th will be issued a dividend of $0.811 per share. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.81. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date of this dividend is Monday, January 25th. Royal Bank of Canada’s dividend payout ratio is presently 57.17%.

Several large investors have recently made changes to their positions in the company. International Assets Investment Management LLC lifted its holdings in shares of Royal Bank of Canada by 1.3% during the fourth quarter. International Assets Investment Management LLC now owns 10,281 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 131 shares in the last quarter. Glassman Wealth Services lifted its holdings in Royal Bank of Canada by 2.0% in the fourth quarter. Glassman Wealth Services now owns 7,319 shares of the financial services provider’s stock valued at $601,000 after acquiring an additional 146 shares during the period. CENTRAL TRUST Co lifted its holdings in Royal Bank of Canada by 5.4% in the fourth quarter. CENTRAL TRUST Co now owns 2,950 shares of the financial services provider’s stock valued at $242,000 after acquiring an additional 150 shares during the period. Sheets Smith Wealth Management lifted its holdings in Royal Bank of Canada by 1.2% in the third quarter. Sheets Smith Wealth Management now owns 13,147 shares of the financial services provider’s stock valued at $922,000 after acquiring an additional 155 shares during the period. Finally, Bfsg LLC lifted its holdings in Royal Bank of Canada by 0.5% in the fourth quarter. Bfsg LLC now owns 35,705 shares of the financial services provider’s stock valued at $2,930,000 after acquiring an additional 164 shares during the period. 40.81% of the stock is currently owned by hedge funds and other 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 checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, 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.

Recommended Story: Producer Price Index (PPI)

Get a free copy of the Zacks research report on Royal Bank of Canada (RY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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



Receive News & Ratings for Royal Bank of Canada Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Royal Bank of Canada and related companies with MarketBeat.com’s FREE daily email newsletter.