Argus Boosts Royal Bank of Canada (NYSE:RY) Price Target to $94.00

Royal Bank of Canada (NYSE:RY) (TSE:RY) had its target price upped by Argus to $94.00 in a research report report published on Friday, January 5th, The Fly reports. The firm currently has a buy rating on the financial services provider’s stock. The analysts noted that the move was a valuation call.

RY has been the subject of several other research reports. Scotiabank reaffirmed a hold rating and issued a $101.00 target price on shares of Royal Bank of Canada in a research report on Wednesday, November 22nd. Canaccord Genuity reaffirmed a hold rating and issued a $105.00 target price on shares of Royal Bank of Canada in a research report on Wednesday, November 29th. Zacks Investment Research downgraded Royal Bank of Canada from a hold rating to a sell rating in a report on Thursday, November 9th. Macquarie began coverage on Royal Bank of Canada in a report on Tuesday, October 24th. They issued an underperform rating for the company. Finally, BMO Capital Markets reissued a hold rating and issued a $102.00 price target on shares of Royal Bank of Canada in a report on Wednesday, November 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $97.00.

Royal Bank of Canada (RY) opened at $85.67 on Friday. The company has a market capitalization of $125,030.00, a price-to-earnings ratio of 13.98, a P/E/G ratio of 1.90 and a beta of 1.07. Royal Bank of Canada has a 12 month low of $66.66 and a 12 month high of $87.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.90 and a quick ratio of 0.90.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Wednesday, November 29th. The financial services provider reported $1.54 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.49 by $0.05. The company had revenue of $8.42 billion during the quarter, compared to analyst estimates of $7.68 billion. Royal Bank of Canada had a return on equity of 17.01% and a net margin of 22.62%. equities analysts predict that Royal Bank of Canada will post 6.35 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Thursday, January 25th will be given a dividend of $0.7157 per share. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend is Wednesday, January 24th. Royal Bank of Canada’s payout ratio is 46.33%.

Several institutional investors have recently made changes to their positions in RY. Arrowstreet Capital Limited Partnership raised its position in shares of Royal Bank of Canada by 25,974.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 5,267,110 shares of the financial services provider’s stock worth $381,962,000 after purchasing an additional 5,246,910 shares during the period. Public Sector Pension investment Board raised its position in shares of Royal Bank of Canada by 13,079.3% during the 2nd quarter. Public Sector Pension investment Board now owns 2,886,401 shares of the financial services provider’s stock worth $209,273,000 after purchasing an additional 2,864,500 shares during the period. Vanguard Group Inc. raised its position in shares of Royal Bank of Canada by 4.1% during the 2nd quarter. Vanguard Group Inc. now owns 32,981,480 shares of the financial services provider’s stock worth $2,391,817,000 after purchasing an additional 1,303,290 shares during the period. APG Asset Management N.V. raised its position in shares of Royal Bank of Canada by 26.8% during the 3rd quarter. APG Asset Management N.V. now owns 4,991,537 shares of the financial services provider’s stock worth $385,311,000 after purchasing an additional 1,053,845 shares during the period. Finally, Great West Life Assurance Co. Can raised its position in shares of Royal Bank of Canada by 6.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 13,119,435 shares of the financial services provider’s stock worth $1,012,699,000 after purchasing an additional 769,771 shares during the period. Institutional investors and hedge funds own 40.45% of the company’s stock.

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Royal Bank of Canada Company Profile

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.

The Fly

Analyst Recommendations for Royal Bank of Canada (NYSE:RY)

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