Royal Bank of Canada (NYSE:RY) Stock Rating Upgraded by Barclays

Barclays upgraded shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from an equal weight rating to an overweight rating in a report released on Thursday, MarketBeat reports.

Several other equities research analysts have also recently commented on RY. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. BMO Capital Markets lifted their price target on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Stock Performance

Shares of NYSE:RY opened at $125.08 on Thursday. The business’s 50 day moving average price is $123.39 and its 200-day moving average price is $114.74. Royal Bank of Canada has a 1 year low of $85.02 and a 1 year high of $126.96. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $176.82 billion, a PE ratio of 15.12, a P/E/G ratio of 1.93 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. The business had revenue of $10.68 billion during the quarter, compared to analyst estimates of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. As a group, equities research analysts expect that Royal Bank of Canada will post 8.37 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th were given a $1.028 dividend. The ex-dividend date was Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.29%. Royal Bank of Canada’s payout ratio is currently 50.67%.

Hedge Funds Weigh In On Royal Bank of Canada

A number of hedge funds have recently made changes to their positions in the stock. Capital Performance Advisors LLP purchased a new stake in Royal Bank of Canada during the third quarter worth about $25,000. Dunhill Financial LLC acquired a new stake in Royal Bank of Canada during the 3rd quarter worth approximately $25,000. Larson Financial Group LLC purchased a new position in Royal Bank of Canada in the 3rd quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new position in shares of Royal Bank of Canada in the second quarter worth $27,000. Finally, Grove Bank & Trust acquired a new stake in shares of Royal Bank of Canada in the third quarter valued at $28,000. 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.