Royal Bank of Canada (NYSE:RY – Get Free Report) (TSE:RY) has been assigned an average rating of “Buy” from the seven analysts that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $142.50.
A number of equities analysts recently commented on RY shares. Scotiabank upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a report on Friday, May 17th. UBS Group initiated coverage on shares of Royal Bank of Canada in a research note on Tuesday, July 2nd. They set a “buy” rating on the stock. Argus raised their price target on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. Finally, BMO Capital Markets increased their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th.
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Royal Bank of Canada Trading Down 0.3 %
Royal Bank of Canada Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.33%. Royal Bank of Canada’s payout ratio is 52.11%.
Hedge Funds Weigh In On Royal Bank of Canada
Institutional investors and hedge funds have recently modified their holdings of the company. Ridgewood Investments LLC purchased a new stake in Royal Bank of Canada during the 2nd quarter worth about $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in Royal Bank of Canada during the second quarter worth approximately $33,000. Mather Group LLC. acquired a new position in Royal Bank of Canada in the first quarter valued at approximately $49,000. Nisa Investment Advisors LLC increased its stake in Royal Bank of Canada by 293.8% in the second quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 379 shares during the last quarter. Finally, Heritage Wealth Advisors acquired a new stake in Royal Bank of Canada during the fourth quarter worth approximately $61,000. Institutional investors and hedge funds 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.
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