Royal Bank of Canada (RY) Receives Average Rating of “Buy” from Analysts

Royal Bank of Canada (NYSE:RY) (TSE:RY) has received an average recommendation of “Buy” from the twelve analysts that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $100.00.

RY has been the subject of several recent research reports. Barclays reiterated a “sell” rating on shares of Royal Bank of Canada in a report on Friday, February 22nd. Macquarie raised shares of Royal Bank of Canada from a “neutral” rating to an “outperform” rating in a research report on Wednesday, December 12th. Zacks Investment Research raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating and set a $86.00 price objective for the company in a research report on Wednesday, January 30th. Canaccord Genuity reissued a “hold” rating on shares of Royal Bank of Canada in a research report on Friday, February 22nd. Finally, Scotiabank reissued an “average” rating and issued a $111.00 price objective on shares of Royal Bank of Canada in a research report on Friday, February 22nd.

A number of large investors have recently bought and sold shares of RY. Norges Bank purchased a new position in Royal Bank of Canada in the 4th quarter valued at about $1,021,258,000. Nordea Investment Management AB bought a new position in shares of Royal Bank of Canada during the third quarter worth about $463,806,000. Mackenzie Financial Corp lifted its position in shares of Royal Bank of Canada by 21.7% during the fourth quarter. Mackenzie Financial Corp now owns 21,668,991 shares of the financial services provider’s stock worth $1,484,759,000 after purchasing an additional 3,865,530 shares during the last quarter. Capital World Investors bought a new position in shares of Royal Bank of Canada during the third quarter worth about $135,873,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Royal Bank of Canada by 151.6% during the third quarter. JPMorgan Chase & Co. now owns 2,553,655 shares of the financial services provider’s stock worth $204,776,000 after purchasing an additional 1,538,669 shares during the last quarter. 41.74% of the stock is owned by institutional investors.

NYSE RY traded up $0.20 during trading hours on Thursday, hitting $77.84. The company had a trading volume of 39,456 shares, compared to its average volume of 1,043,925. Royal Bank of Canada has a fifty-two week low of $65.76 and a fifty-two week high of $81.56. The company has a market cap of $111.64 billion, a P/E ratio of 11.93, a P/E/G ratio of 1.89 and a beta of 1.09. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.12.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Friday, February 22nd. The financial services provider reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.01). Royal Bank of Canada had a net margin of 20.85% and a return on equity of 17.52%. The company had revenue of $8.70 billion during the quarter, compared to analyst estimates of $8.31 billion. During the same quarter in the prior year, the company posted $2.01 earnings per share. On average, sell-side analysts forecast that Royal Bank of Canada will post 6.82 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Thursday, April 25th will be given a $0.7704 dividend. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.75. This represents a $3.08 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date is Wednesday, April 24th. Royal Bank of Canada’s dividend payout ratio is presently 43.95%.

About Royal Bank of Canada

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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