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

Royal Bank of Canada (NYSE:RY) (TSE:RY) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The brokerage presently has a $89.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.79% from the company’s previous close.

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. “

RY has been the topic of a number of other reports. Barclays reiterated a “sell” rating on shares of Royal Bank of Canada in a report on Thursday, May 23rd. Desjardins reiterated a “buy” rating and issued a $111.00 price target on shares of Royal Bank of Canada in a report on Thursday, May 16th. Finally, BMO Capital Markets reiterated a “hold” rating on shares of Royal Bank of Canada in a report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Royal Bank of Canada has an average rating of “Buy” and an average price target of $100.00.

Shares of NYSE:RY opened at $78.91 on Thursday. Royal Bank of Canada has a 12-month low of $65.76 and a 12-month high of $81.56. The firm has a fifty day moving average of $79.49. The stock has a market cap of $114.33 billion, a P/E ratio of 12.08, a PEG ratio of 2.08 and a beta of 1.07. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.92 and a quick ratio of 0.92.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Thursday, May 23rd. The financial services provider reported $1.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.04. Royal Bank of Canada had a return on equity of 17.36% and a net margin of 20.04%. The business had revenue of $8.63 billion for the quarter, compared to the consensus estimate of $7.60 billion. During the same period last year, the business posted $2.06 EPS. Sell-side analysts forecast that Royal Bank of Canada will post 6.73 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the stock. Capital Advisors Ltd. LLC acquired a new position in shares of Royal Bank of Canada in the 2nd quarter valued at about $32,000. Janus Henderson Group PLC lifted its holdings in shares of Royal Bank of Canada by 4.4% in the 2nd quarter. Janus Henderson Group PLC now owns 862,272 shares of the financial services provider’s stock valued at $68,649,000 after buying an additional 36,612 shares during the period. Advisor Group Inc. lifted its holdings in shares of Royal Bank of Canada by 9.7% in the 2nd quarter. Advisor Group Inc. now owns 13,942 shares of the financial services provider’s stock valued at $1,107,000 after buying an additional 1,230 shares during the period. Abbrea Capital LLC acquired a new position in shares of Royal Bank of Canada in the 2nd quarter valued at about $349,000. Finally, Coastal Capital Group Inc. purchased a new position in shares of Royal Bank of Canada in the 2nd quarter valued at about $28,000. Hedge funds and other institutional investors own 41.55% of the company’s stock.

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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