Royal Bank of Canada (NYSE:RY) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) have been given an average recommendation of “Moderate Buy” by the eight ratings firms that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $156.50.

Several brokerages have recently commented on RY. CIBC reiterated a “neutral” rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. BMO Capital Markets reduced their price target on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. Finally, StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th.

Institutional Trading of Royal Bank of Canada

Institutional investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. grew its holdings in Royal Bank of Canada by 14.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,743 shares of the financial services provider’s stock worth $467,000 after acquiring an additional 461 shares during the last quarter. Cerity Partners LLC boosted its holdings in shares of Royal Bank of Canada by 24.6% during the third quarter. Cerity Partners LLC now owns 43,487 shares of the financial services provider’s stock worth $5,424,000 after purchasing an additional 8,576 shares during the period. Kingsview Wealth Management LLC grew its stake in shares of Royal Bank of Canada by 3.9% in the third quarter. Kingsview Wealth Management LLC now owns 3,423 shares of the financial services provider’s stock worth $427,000 after purchasing an additional 127 shares during the last quarter. Algert Global LLC purchased a new position in Royal Bank of Canada during the 3rd quarter valued at about $706,000. Finally, Larson Financial Group LLC bought a new position in Royal Bank of Canada during the 3rd quarter valued at approximately $26,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Down 1.3 %

RY opened at $114.73 on Friday. The business’s fifty day simple moving average is $117.59 and its 200 day simple moving average is $121.13. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The stock has a market cap of $161.96 billion, a PE ratio of 13.89, a P/E/G ratio of 1.80 and a beta of 0.88.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be given a dividend of $1.0251 per share. 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 payout ratio is 45.96%.

About Royal Bank of Canada

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.