Zacks Investment Research cut shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a hold rating to a sell rating in a report published on Friday.

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. “

RY has been the subject of several other reports. ValuEngine downgraded Royal Bank of Canada from a hold rating to a sell rating in a report on Thursday, November 1st. Scotia Howard Weill upgraded Royal Bank of Canada from a sector perform rating to a sector outperform rating in a report on Monday, September 10th. Scotiabank upgraded Royal Bank of Canada from a sector perform rating to an outperform rating in a report on Monday, September 10th. Finally, Howard Weil upgraded Royal Bank of Canada from a sector perform rating to a sector outperform rating in a report on Monday, September 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $97.20.

NYSE RY traded down $0.81 during trading hours on Friday, hitting $72.61. The company had a trading volume of 535,256 shares, compared to its average volume of 815,472. Royal Bank of Canada has a fifty-two week low of $71.01 and a fifty-two week high of $87.10. The company has a market cap of $105.48 billion, a P/E ratio of 11.98, a P/E/G ratio of 1.38 and a beta of 1.14. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.13.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Wednesday, August 22nd. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.04. Royal Bank of Canada had a return on equity of 18.11% and a net margin of 21.48%. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.39 billion. On average, sell-side analysts forecast that Royal Bank of Canada will post 6.52 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 23rd. Stockholders of record on Thursday, October 25th will be paid a dividend of $0.753 per share. The ex-dividend date is Wednesday, October 24th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.73. This represents a $3.01 annualized dividend and a dividend yield of 4.15%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 50.17%.

Several institutional investors have recently made changes to their positions in the company. Trexquant Investment LP acquired a new stake in shares of Royal Bank of Canada during the third quarter valued at about $1,001,000. DekaBank Deutsche Girozentrale grew its stake in shares of Royal Bank of Canada by 5.7% during the third quarter. DekaBank Deutsche Girozentrale now owns 500,324 shares of the financial services provider’s stock valued at $40,273,000 after acquiring an additional 27,110 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Royal Bank of Canada by 5.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 340,692 shares of the financial services provider’s stock valued at $27,290,000 after acquiring an additional 17,289 shares in the last quarter. Pathstone Family Office LLC acquired a new stake in shares of Royal Bank of Canada during the third quarter valued at about $129,136,000. Finally, Ontario Teachers Pension Plan Board grew its stake in shares of Royal Bank of Canada by 14.9% during the third quarter. Ontario Teachers Pension Plan Board now owns 72,940 shares of the financial services provider’s stock valued at $5,847,000 after acquiring an additional 9,481 shares in the last quarter. Institutional investors own 40.06% of the company’s stock.

About Royal Bank of Canada

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.

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