Research analysts at Dundee Securities started coverage on shares of Royal Bank Of Canada (NYSE:RY) in a report released on Wednesday, The Fly reports. The brokerage set a “neutral” rating on the stock.
Several other research analysts have also recently weighed in on RY. TD Securities restated a “hold” rating and issued a $81.00 price target (up previously from $79.00) on shares of Royal Bank Of Canada in a research note on Friday, May 27th. Citigroup Inc. reiterated a “buy” rating and set a $88.00 price objective (down previously from $89.00) on shares of Royal Bank Of Canada in a research report on Friday, June 3rd. Credit Suisse Group AG reiterated a “buy” rating on shares of Royal Bank Of Canada in a research report on Saturday, June 4th. Argus started coverage on Royal Bank Of Canada in a research report on Friday, July 1st. They set a “buy” rating and a $69.00 price objective for the company. Finally, Bank of America Corp. reiterated an “underperform” rating on shares of Royal Bank Of Canada in a research report on Tuesday, July 12th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Royal Bank Of Canada presently has an average rating of “Hold” and a consensus target price of $83.70.
Shares of Royal Bank Of Canada (NYSE:RY) opened at 62.64 on Wednesday. The company has a market cap of $92.94 billion, a P/E ratio of 12.01 and a beta of 1.17. Royal Bank Of Canada has a 12 month low of $44.37 and a 12 month high of $64.13. The stock’s 50 day moving average price is $62.08 and its 200-day moving average price is $60.19.
Royal Bank Of Canada (NYSE:RY) last posted its quarterly earnings results on Wednesday, August 24th. The company reported $1.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.39. Royal Bank Of Canada had a return on equity of 16.36% and a net margin of 22.91%. The firm earned $10.26 billion during the quarter, compared to analysts’ expectations of $7.27 billion. During the same quarter in the previous year, the business earned $1.66 earnings per share. Equities research analysts expect that Royal Bank Of Canada will post $5.19 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 24th. Stockholders of record on Wednesday, October 26th will be paid a $0.6449 dividend. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $0.62. The ex-dividend date is Monday, October 24th. This represents a $2.58 dividend on an annualized basis and a dividend yield of 4.12%. Royal Bank Of Canada’s dividend payout ratio is 50.20%.
Several institutional investors have recently added to or reduced their stakes in RY. Cohen & Steers Inc. acquired a new position in Royal Bank Of Canada during the second quarter worth $19,755,000. Mackenzie Financial Corp acquired a new position in Royal Bank Of Canada during the second quarter worth $417,460,000. Emerald Acquisition Ltd. acquired a new position in Royal Bank Of Canada during the second quarter worth $207,239,000. Vanguard Group Inc. raised its position in Royal Bank Of Canada by 12.0% in the second quarter. Vanguard Group Inc. now owns 28,178,728 shares of the company’s stock worth $1,665,080,000 after buying an additional 3,008,391 shares during the period. Finally, FMR LLC raised its position in Royal Bank Of Canada by 10.6% in the second quarter. FMR LLC now owns 30,229,683 shares of the company’s stock worth $1,786,240,000 after buying an additional 2,901,424 shares during the period. 45.07% of the stock is owned by hedge funds and other institutional investors.
About Royal Bank Of Canada
Royal Bank of Canada (RBC) is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. It operates in five segments: Personal & Commercial Banking, which operates comprises its personal and business banking operations, as well as its auto financing and retail investment businesses; Wealth Management, which comprises Canadian Wealth Management, United States and International Wealth Management and Global Asset Management (GAM); Insurance, which operates under two business lines: Canadian Insurance and International Insurance; Investor & Treasury Services, which is a provider of asset servicing, custody, payments and treasury services, and Capital Markets, which comprises two business lines: Corporate and Investment Banking and Global Markets.
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