Royal Bank of Canada (NYSE:RY) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a hold rating to a buy rating in a research report sent to investors on Friday, Zacks.com reports. Zacks Investment Research currently has $92.00 price objective 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 issued reports on RY. Canaccord Genuity upped their target price on Royal Bank of Canada from $107.50 to $113.50 and gave the stock a hold rating in a report on Thursday, December 3rd. CIBC increased their price target on Royal Bank of Canada from $127.00 to $128.00 and gave the stock a neutral rating in a report 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 increased their price objective on Royal Bank of Canada from $108.00 to $112.00 and gave the stock an overweight rating in a research note on Thursday, November 12th. Finally, Scotiabank increased their price objective 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. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of Buy and an average target price of $104.95.

NYSE:RY opened at $83.52 on Friday. The firm has a market capitalization of $118.94 billion, a price-to-earnings 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 twelve month low of $49.55 and a twelve month high of $86.14. The stock’s 50 day moving average price is $83.07 and its two-hundred day moving average price is $76.80. The company has a quick ratio of 0.89, a current 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, beating analysts’ consensus estimates of $1.54 by $0.73. The firm 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%. The company’s revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.18 EPS. As a group, analysts anticipate 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. Investors of record on Tuesday, January 26th will be given a dividend of $0.811 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.88%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend is Monday, January 25th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 57.17%.

A number of large investors have recently added to or reduced their stakes in RY. CIBC Asset Management Inc increased its position in Royal Bank of Canada by 9.7% in the third quarter. CIBC Asset Management Inc now owns 15,542,954 shares of the financial services provider’s stock worth $1,090,407,000 after buying an additional 1,371,311 shares during the last quarter. Cardinal Capital Management Inc. increased its position in Royal Bank of Canada by 19,332.6% in the third quarter. Cardinal Capital Management Inc. now owns 1,329,192 shares of the financial services provider’s stock worth $93,249,000 after buying an additional 1,322,352 shares during the last quarter. Toronto Dominion Bank increased its position in Royal Bank of Canada by 5.9% in the third quarter. Toronto Dominion Bank now owns 21,479,987 shares of the financial services provider’s stock worth $1,509,212,000 after buying an additional 1,190,621 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in Royal Bank of Canada by 6.8% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 15,600,000 shares of the financial services provider’s stock worth $1,091,854,000 after buying an additional 1,000,000 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Royal Bank of Canada by 20.7% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,643,887 shares of the financial services provider’s stock worth $325,893,000 after buying an additional 796,086 shares during the last quarter. 40.81% of the stock is owned by institutional investors and hedge funds.

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.

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