Royal Bank of Canada (RY) Downgraded by Zacks Investment Research
Royal Bank of Canada (NYSE:RY) (TSE:RY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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 subject of a number of other research reports. Macquarie initiated coverage on shares of Royal Bank of Canada in a research report on Tuesday, October 24th. They issued an “underperform” rating for the company. CIBC lowered shares of Royal Bank of Canada from an “outperform” rating to a “neutral” rating in a research report on Thursday, February 1st. Scotiabank reiterated a “hold” rating and issued a $101.00 target price on shares of Royal Bank of Canada in a research report on Wednesday, November 22nd. Bank of America upgraded shares of Royal Bank of Canada from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 30th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $102.00 target price on shares of Royal Bank of Canada in a research report on Wednesday, November 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $97.00.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings results on Wednesday, November 29th. The financial services provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.49 by $0.05. The business had revenue of $8.42 billion during the quarter, compared to analyst estimates of $7.68 billion. Royal Bank of Canada had a net margin of 22.62% and a return on equity of 17.01%. research analysts expect that Royal Bank of Canada will post 6.46 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the business. Quadrant Capital Group LLC lifted its holdings in Royal Bank of Canada by 4.0% in the 2nd quarter. Quadrant Capital Group LLC now owns 1,709 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 65 shares during the last quarter. Fieldpoint Private Securities LLC purchased a new stake in Royal Bank of Canada during the third quarter valued at about $153,000. Asset Advisors Corp purchased a new stake in Royal Bank of Canada during the third quarter valued at about $178,000. Cypress Capital Management LLC purchased a new stake in Royal Bank of Canada during the fourth quarter valued at about $204,000. Finally, Bray Capital Advisors purchased a new stake in Royal Bank of Canada during the fourth quarter valued at about $208,000. 40.35% of the stock is owned by institutional investors.
TRADEMARK VIOLATION WARNING: This news story was posted by Daily Political and is the sole property of of Daily Political. If you are viewing this news story on another site, it was copied illegally and republished in violation of US and international trademark & copyright law. The original version of this news story can be viewed at https://www.dailypolitical.com/2018/02/08/royal-bank-of-canada-ry-downgraded-by-zacks-investment-research.html.
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. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Royal Bank of Canada Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Bank of Canada and related companies with MarketBeat.com's FREE daily email newsletter.