Royal Bank of Canada (NYSE:RY) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a sell rating to a hold rating in a research report released on Saturday, Zacks.com reports.

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 equities research analysts also recently weighed in on the company. Barclays reaffirmed a sell rating on shares of Royal Bank of Canada in a report on Thursday, May 23rd. Desjardins reaffirmed a hold rating on shares of Choice Properties REIT in a report on Thursday, May 16th. Finally, BMO Capital Markets reaffirmed a hold rating on shares of Royal Bank of Canada in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $99.25.

Royal Bank of Canada stock opened at $79.89 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.12. The business has a 50-day simple moving average of $78.50. The company has a market capitalization of $114.93 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 2.09 and a beta of 1.07. Royal Bank of Canada has a 52 week low of $65.76 and a 52 week high of $81.56.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Thursday, May 23rd. The financial services provider reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.04. The business had revenue of $8.63 billion for the quarter, compared to analyst estimates of $7.60 billion. Royal Bank of Canada had a return on equity of 17.36% and a net margin of 20.04%. During the same period in the previous year, the company posted $2.06 earnings per share. On average, analysts predict that Royal Bank of Canada will post 6.7 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Thursday, July 25th will be issued a dividend of $0.7596 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date is Wednesday, July 24th. Royal Bank of Canada’s payout ratio is 46.86%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RY. Resources Investment Advisors Inc. bought a new position in shares of Royal Bank of Canada in the first quarter valued at approximately $30,000. Meridian Wealth Management LLC bought a new position in shares of Royal Bank of Canada in the first quarter valued at approximately $30,000. CWM LLC raised its stake in shares of Royal Bank of Canada by 86.8% in the first quarter. CWM LLC now owns 409 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 190 shares during the last quarter. WP Advisors LLC bought a new position in shares of Royal Bank of Canada in the first quarter valued at approximately $38,000. Finally, Executive Wealth Management LLC bought a new position in shares of Royal Bank of Canada in the fourth quarter valued at approximately $43,000. 41.56% of the stock is currently owned by 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 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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