Royal Bank of Canada (NYSE:RY) Receives Consensus Recommendation of “Buy” from Analysts

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) has earned an average rating of “Buy” from the sixteen ratings firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $144.65.

Several equities research analysts recently issued reports on the company. Scotiabank reduced their price objective on Royal Bank of Canada from C$163.00 to C$150.00 in a research note on Wednesday, April 13th. StockNews.com assumed coverage on Royal Bank of Canada in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Canaccord Genuity Group downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating and increased their price objective for the stock from $141.00 to $148.00 in a research note on Monday, February 7th. CIBC raised Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research note on Monday, April 11th. Finally, Stifel Nicolaus cut their price target on Royal Bank of Canada from C$152.00 to C$150.00 in a research note on Friday, April 8th.

Shares of Royal Bank of Canada stock opened at $100.74 on Tuesday. Royal Bank of Canada has a 12 month low of $95.11 and a 12 month high of $119.41. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.11. The stock has a market cap of $142.73 billion, a PE ratio of 11.21, a price-to-earnings-growth ratio of 2.16 and a beta of 0.91. The business has a fifty day simple moving average of $108.85 and a 200-day simple moving average of $108.21.

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) last announced its quarterly earnings data on Thursday, February 24th. The financial services provider reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.13. The firm had revenue of $10.37 billion during the quarter. Royal Bank of Canada had a return on equity of 18.28% and a net margin of 28.16%. Analysts expect that Royal Bank of Canada will post 8.81 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 24th. Stockholders of record on Monday, April 25th will be issued a dividend of $0.944 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.94. The ex-dividend date is Friday, April 22nd. This represents a $3.78 dividend on an annualized basis and a dividend yield of 3.75%. Royal Bank of Canada’s dividend payout ratio is currently 42.71%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. FIL Ltd increased its holdings in shares of Royal Bank of Canada by 2.3% during the 3rd quarter. FIL Ltd now owns 28,336,114 shares of the financial services provider’s stock valued at $2,819,517,000 after acquiring an additional 637,460 shares during the last quarter. 1832 Asset Management L.P. increased its holdings in shares of Royal Bank of Canada by 1.4% during the 4th quarter. 1832 Asset Management L.P. now owns 17,771,974 shares of the financial services provider’s stock valued at $1,890,293,000 after acquiring an additional 249,205 shares during the last quarter. Norges Bank acquired a new position in shares of Royal Bank of Canada during the 4th quarter valued at about $1,635,969,000. Toronto Dominion Bank grew its holdings in Royal Bank of Canada by 0.8% in the 3rd quarter. Toronto Dominion Bank now owns 14,127,041 shares of the financial services provider’s stock valued at $1,408,321,000 after buying an additional 113,154 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Royal Bank of Canada by 15.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 13,246,198 shares of the financial services provider’s stock valued at $1,669,418,000 after buying an additional 1,760,139 shares during the last quarter. 41.50% of the stock is currently owned by institutional investors and hedge funds.

About Royal Bank of Canada (Get Rating)

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, including auto financing, 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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Analyst Recommendations for Royal Bank of Canada (NYSE:RY)

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