Royal Bank of Canada (NYSE:RY) Receives Average Recommendation of “Buy” from Brokerages

Royal Bank of Canada (NYSE:RY) (TSE:RY) has been given an average recommendation of “Buy” by the seven analysts that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $156.50.

A number of equities research analysts have issued reports on the stock. BMO Capital Markets reduced their price objective on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research note on Thursday, December 5th. TD Securities lowered shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st.

Royal Bank of Canada Trading Down 0.6 %

Royal Bank of Canada stock opened at $123.71 on Wednesday. The company has a market cap of $174.88 billion, a price-to-earnings ratio of 14.98, a P/E/G ratio of 1.86 and a beta of 0.86. The firm has a 50-day moving average of $124.15 and a 200-day moving average of $117.12. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86. Royal Bank of Canada has a one year low of $93.97 and a one year high of $128.05.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, January 27th will be given a $1.0522 dividend. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. The ex-dividend date is Monday, January 27th. This represents a $4.21 annualized dividend and a yield of 3.40%. Royal Bank of Canada’s payout ratio is currently 52.91%.

Institutional Investors Weigh In On Royal Bank of Canada

Several large investors have recently added to or reduced their stakes in the company. 1ST Source Bank bought a new position in Royal Bank of Canada in the 3rd quarter worth about $214,000. Logan Capital Management Inc. boosted its holdings in Royal Bank of Canada by 4.1% in the 3rd quarter. Logan Capital Management Inc. now owns 33,003 shares of the financial services provider’s stock valued at $4,116,000 after purchasing an additional 1,293 shares during the period. Oddo BHF Asset Management Sas purchased a new position in shares of Royal Bank of Canada during the 3rd quarter valued at $748,000. Old North State Trust LLC increased its holdings in shares of Royal Bank of Canada by 5.7% in the third quarter. Old North State Trust LLC now owns 8,068 shares of the financial services provider’s stock worth $1,006,000 after purchasing an additional 432 shares during the period. Finally, Synovus Financial Corp bought a new stake in Royal Bank of Canada during the third quarter valued at $254,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

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 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.