Royal Bank of Canada (RY) Stock Rating Lowered by Zacks Investment Research

Royal Bank of Canada (NYSE:RY) (TSE:RY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

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. “

Other analysts have also issued research reports about the stock. CIBC lowered shares of Royal Bank of Canada from an “outperform” rating to a “neutral” rating in a research report on Thursday, February 1st. ValuEngine lowered shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Thursday, March 8th. Finally, Bank of America upgraded shares of Royal Bank of Canada from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 30th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. Royal Bank of Canada has an average rating of “Hold” and an average target price of $97.20.

Royal Bank of Canada opened at $75.59 on Wednesday, according to MarketBeat. Royal Bank of Canada has a fifty-two week low of $68.56 and a fifty-two week high of $87.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market capitalization of $107.41 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 1.35 and a beta of 1.14.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Thursday, May 24th. The financial services provider reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.03. Royal Bank of Canada had a net margin of 21.75% and a return on equity of 17.76%. The company had revenue of $7.89 billion during the quarter, compared to analysts’ expectations of $7.95 billion. equities analysts anticipate that Royal Bank of Canada will post 6.54 EPS for the current year.

Royal Bank of Canada announced that its Board of Directors has initiated a stock buyback plan on Friday, February 23rd that authorizes the company to repurchase 30,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pinnacle Financial Partners Inc. boosted its position in Royal Bank of Canada by 2.7% during the fourth quarter. Pinnacle Financial Partners Inc. now owns 26,435 shares of the financial services provider’s stock worth $2,158,000 after acquiring an additional 697 shares during the last quarter. Eaton Vance Management boosted its position in Royal Bank of Canada by 1.5% during the first quarter. Eaton Vance Management now owns 48,435 shares of the financial services provider’s stock worth $3,744,000 after acquiring an additional 700 shares during the last quarter. US Bancorp DE boosted its position in Royal Bank of Canada by 1.0% during the fourth quarter. US Bancorp DE now owns 70,430 shares of the financial services provider’s stock worth $5,751,000 after acquiring an additional 704 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Royal Bank of Canada by 2.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 31,020 shares of the financial services provider’s stock worth $2,398,000 after acquiring an additional 716 shares during the last quarter. Finally, Glenmede Trust Co. NA boosted its position in Royal Bank of Canada by 16.4% during the fourth quarter. Glenmede Trust Co. NA now owns 5,185 shares of the financial services provider’s stock worth $422,000 after acquiring an additional 732 shares during the last quarter. Institutional investors and hedge funds own 40.55% of the company’s stock.

Royal Bank of Canada Company Profile

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.

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.

Leave a Reply