Royal Bank of Canada (NYSE:RY) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) have earned a consensus rating of “Moderate Buy” from the seven analysts that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $133.25.

Several brokerages recently issued reports on RY. StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, May 31st. Jefferies Financial Group raised Royal Bank of Canada from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. Argus increased their target price on Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Barclays began coverage on Royal Bank of Canada in a research report on Wednesday, March 20th. They issued an “equal weight” rating for the company. Finally, BMO Capital Markets cut shares of Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 31st.

Royal Bank of Canada Stock Performance

NYSE RY opened at $106.38 on Wednesday. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $109.51. The firm has a market capitalization of $150.54 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 1.67 and a beta of 0.87. The stock’s fifty day moving average is $103.86 and its two-hundred day moving average is $100.76. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Thursday, May 30th. The financial services provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. Royal Bank of Canada had a net margin of 12.12% and a return on equity of 14.87%. The company had revenue of $10.43 billion for the quarter, compared to the consensus estimate of $9.95 billion. On average, research analysts anticipate that Royal Bank of Canada will post 8.47 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Thursday, July 25th will be issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 3.87%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.02. The ex-dividend date of this dividend is Thursday, July 25th. Royal Bank of Canada’s dividend payout ratio is 50.62%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Altrius Capital Management Inc boosted its holdings in shares of Royal Bank of Canada by 3.3% in the fourth quarter. Altrius Capital Management Inc now owns 67,790 shares of the financial services provider’s stock valued at $6,856,000 after acquiring an additional 2,165 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Royal Bank of Canada by 3.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 480,825 shares of the financial services provider’s stock valued at $48,863,000 after purchasing an additional 15,041 shares during the period. Triasima Portfolio Management inc. raised its holdings in shares of Royal Bank of Canada by 5.5% in the fourth quarter. Triasima Portfolio Management inc. now owns 984,891 shares of the financial services provider’s stock valued at $99,785,000 after buying an additional 50,995 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Royal Bank of Canada by 163.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 160,595 shares of the financial services provider’s stock worth $16,271,000 after buying an additional 99,523 shares during the period. Finally, Addenda Capital Inc. grew its holdings in shares of Royal Bank of Canada by 2.1% during the fourth quarter. Addenda Capital Inc. now owns 836,019 shares of the financial services provider’s stock worth $84,547,000 after buying an additional 16,964 shares during the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

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.