Royal Bank of Canada (NYSE:RY) Receives $142.50 Consensus Target Price from Brokerages

Shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) have been given an average rating of “Buy” by the seven brokerages that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $142.50.

Several research analysts have recently commented on the company. BMO Capital Markets boosted their price objective 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. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RY. Tacita Capital Inc increased its position in shares of Royal Bank of Canada by 12.7% during the 3rd quarter. Tacita Capital Inc now owns 32,818 shares of the financial services provider’s stock valued at $4,101,000 after purchasing an additional 3,700 shares during the last quarter. Addison Advisors LLC raised its position in Royal Bank of Canada by 9.5% in the third quarter. Addison Advisors LLC now owns 945 shares of the financial services provider’s stock worth $118,000 after acquiring an additional 82 shares during the period. Lindbrook Capital LLC boosted its stake in shares of Royal Bank of Canada by 5.5% during the 3rd quarter. Lindbrook Capital LLC now owns 2,090 shares of the financial services provider’s stock worth $261,000 after acquiring an additional 109 shares during the last quarter. Assetmark Inc. grew its position in shares of Royal Bank of Canada by 274.5% during the 3rd quarter. Assetmark Inc. now owns 3,775 shares of the financial services provider’s stock valued at $471,000 after acquiring an additional 2,767 shares during the period. Finally, Fiera Capital Corp increased its stake in shares of Royal Bank of Canada by 3.7% in the 3rd quarter. Fiera Capital Corp now owns 4,759,385 shares of the financial services provider’s stock worth $594,791,000 after purchasing an additional 171,125 shares in the last quarter. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

Shares of NYSE RY opened at $122.27 on Tuesday. The company has a market capitalization of $172.85 billion, a PE ratio of 14.78, a P/E/G ratio of 1.86 and a beta of 0.86. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. The firm has a fifty day simple moving average of $122.81 and a 200 day simple moving average of $112.36. Royal Bank of Canada has a twelve month low of $83.57 and a twelve month high of $126.96.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 EPS for the quarter, beating the consensus estimate of $2.15 by $0.23. The company had revenue of $10.68 billion during the quarter, compared to the consensus estimate of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. On average, sell-side analysts forecast that Royal Bank of Canada will post 8.91 EPS for the current year.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a dividend of $1.028 per share. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s payout ratio is presently 50.79%.

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.