Royal Bank of Canada (NYSE:RY) Given Average Recommendation of "Moderate Buy" by Analysts
Shares of Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY have been assigned a consensus recommendation of "Moderate Buy" from the eight analysts that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $156.50.
Several equities analysts have weighed in on the company. StockNews.com raised Royal Bank of Canada from a "sell" rating to a "hold" rating in a report on Friday, February 28th. BMO Capital Markets cut their price target on Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating for the company in a research note on Thursday, December 5th. Finally, CIBC reaffirmed a "neutral" rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th.
Read Our Latest Research Report on RY
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of Royal Bank of Canada in the fourth quarter valued at approximately $2,425,519,000. Geode Capital Management LLC boosted its holdings in Royal Bank of Canada by 31.2% in the 4th quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider's stock valued at $1,027,061,000 after purchasing an additional 1,991,364 shares during the period. APG Asset Management N.V. grew its position in shares of Royal Bank of Canada by 1,600.9% during the 4th quarter. APG Asset Management N.V. now owns 1,427,075 shares of the financial services provider's stock valued at $166,084,000 after purchasing an additional 1,343,174 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Royal Bank of Canada by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider's stock worth $7,136,056,000 after purchasing an additional 1,104,975 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Royal Bank of Canada by 9.0% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider's stock worth $1,338,156,000 after purchasing an additional 921,276 shares during the period. 45.31% of the stock is currently owned by institutional investors.
RY opened at $114.73 on Friday. Royal Bank of Canada has a fifty-two week low of $95.84 and a fifty-two week high of $128.05. The firm has a 50-day moving average of $117.59 and a 200 day moving average of $121.13. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $161.96 billion, a P/E ratio of 13.89, a PEG ratio of 1.80 and a beta of 0.88.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be paid a $1.0251 dividend. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 annualized dividend and a yield of 3.57%. Royal Bank of Canada's dividend payout ratio is currently 45.96%.
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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