Canaccord Genuity Upgrades Royal Bank Of Canada (RY) to “Buy”
Royal Bank Of Canada (NYSE:RY) was upgraded by stock analysts at Canaccord Genuity from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday.
RY has been the topic of several other reports. Desjardins restated a “buy” rating and issued a $86.00 price target on shares of Royal Bank Of Canada in a research report on Friday, August 26th. Credit Suisse Group AG reiterated a “buy” rating on shares of Royal Bank Of Canada in a report on Sunday, September 11th. Scotiabank reiterated an “outperform” rating and set a $86.00 target price (up from $85.00) on shares of Royal Bank Of Canada in a report on Friday, August 26th. TD Securities reiterated a “hold” rating and set a $86.00 target price (up from $81.00) on shares of Royal Bank Of Canada in a report on Friday, August 26th. Finally, BMO Capital Markets reiterated a “hold” rating on shares of Royal Bank Of Canada in a report on Thursday, August 25th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. Royal Bank Of Canada currently has an average rating of “Hold” and a consensus target price of $83.70.
Royal Bank Of Canada (NYSE:RY) opened at 62.88 on Thursday. The firm has a market capitalization of $93.30 billion, a price-to-earnings ratio of 12.11 and a beta of 1.14. Royal Bank Of Canada has a 12 month low of $44.37 and a 12 month high of $64.13. The firm has a 50-day moving average price of $62.01 and a 200 day moving average price of $60.80.
Royal Bank Of Canada (NYSE:RY) last posted its quarterly earnings results on Wednesday, August 24th. The company reported $1.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.39. Royal Bank Of Canada had a return on equity of 16.36% and a net margin of 22.91%. The business had revenue of $10.26 billion for the quarter, compared to analyst estimates of $7.27 billion. During the same period last year, the company earned $1.66 EPS. On average, equities analysts forecast that Royal Bank Of Canada will post $5.18 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 24th. Stockholders of record on Wednesday, October 26th will be issued a $0.6449 dividend. This represents a $2.58 dividend on an annualized basis and a dividend yield of 4.10%. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $0.62. The ex-dividend date is Monday, October 24th. Royal Bank Of Canada’s payout ratio is 50.20%.
Several hedge funds have recently modified their holdings of the stock. Cohen & Steers Inc. bought a new stake in Royal Bank Of Canada during the second quarter worth about $19,755,000. Mackenzie Financial Corp bought a new stake in Royal Bank Of Canada during the second quarter worth about $417,460,000. Emerald Acquisition Ltd. bought a new stake in Royal Bank Of Canada during the second quarter worth about $207,239,000. Vanguard Group Inc. increased its stake in Royal Bank Of Canada by 12.0% in the second quarter. Vanguard Group Inc. now owns 28,178,728 shares of the company’s stock worth $1,665,080,000 after buying an additional 3,008,391 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of Royal Bank Of Canada by 10.6% in the second quarter. FMR LLC now owns 30,229,683 shares of the company’s stock worth $1,786,240,000 after buying an additional 2,901,424 shares in the last quarter. Institutional investors own 45.07% of the company’s stock.
About Royal Bank Of Canada
Royal Bank of Canada (RBC) is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. It operates in five segments: Personal & Commercial Banking, which operates comprises its personal and business banking operations, as well as its auto financing and retail investment businesses; Wealth Management, which comprises Canadian Wealth Management, United States and International Wealth Management and Global Asset Management (GAM); Insurance, which operates under two business lines: Canadian Insurance and International Insurance; Investor & Treasury Services, which is a provider of asset servicing, custody, payments and treasury services, and Capital Markets, which comprises two business lines: Corporate and Investment Banking and Global Markets.
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