Royal Bank of Canada (RY) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a buy rating to a hold rating in a research note published on Friday morning.
According to Zacks, “ROYAL BANK of Canada operate under the master brand name of RBC. They are Canada’s largest bank as measured by assets and market capitalization, and one of North America’s leading diversified financial services companies. They provide personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. They have employee approximately Seventy Thousant full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 36 other countries. “
A number of other research analysts have also issued reports on the company. CIBC lowered Royal Bank of Canada from an outperform rating to a neutral rating in a research report on Thursday, February 1st. Bank of America raised Royal Bank of Canada from a neutral rating to a buy rating in a research note on Tuesday, January 30th. Argus lifted their target price on Royal Bank of Canada to $94.00 and gave the company a buy rating in a research note on Friday, January 5th. They noted that the move was a valuation call. BMO Capital Markets reaffirmed a hold rating and set a $102.00 target price on shares of Royal Bank of Canada in a research note on Wednesday, November 29th. Finally, Canaccord Genuity reaffirmed a hold rating and set a $105.00 target price on shares of Royal Bank of Canada in a research note on Wednesday, November 29th. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. Royal Bank of Canada has a consensus rating of Hold and an average price target of $98.20.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Wednesday, November 29th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.49 by $0.05. Royal Bank of Canada had a return on equity of 16.63% and a net margin of 26.20%. The business had revenue of $8.42 billion during the quarter, compared to analyst estimates of $7.68 billion. equities analysts forecast that Royal Bank of Canada will post 6.57 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Thursday, January 25th will be paid a dividend of $0.7157 per share. This represents a $2.86 annualized dividend and a yield of 3.58%. The ex-dividend date is Wednesday, January 24th. Royal Bank of Canada’s payout ratio is currently 47.18%.
Institutional investors have recently made changes to their positions in the business. SWS Partners bought a new stake in shares of Royal Bank of Canada in the 4th quarter worth $134,000. Delpha Capital Management LLC bought a new stake in shares of Royal Bank of Canada in the 4th quarter worth $151,000. Fieldpoint Private Securities LLC bought a new stake in shares of Royal Bank of Canada in the 3rd quarter worth $153,000. Asset Advisors Corp bought a new stake in shares of Royal Bank of Canada in the 3rd quarter worth $178,000. Finally, Cypress Capital Management LLC bought a new stake in shares of Royal Bank of Canada in the 4th quarter worth $204,000. 40.44% of the stock is currently owned by hedge funds and other institutional investors.
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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. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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