Royal Bank of Canada (NYSE:RY) (TSE:RY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, March 14th.
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 recently issued reports on RY. BMO Capital Markets reissued a “hold” rating and issued a $102.00 target price on shares of Royal Bank of Canada in a research note on Wednesday, November 29th. ValuEngine cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Thursday, March 8th. Canaccord Genuity reaffirmed a “hold” rating and set a $105.00 price objective on shares of Royal Bank of Canada in a research report on Wednesday, November 29th. Argus upped their price objective on Royal Bank of Canada to $94.00 and gave the stock a “buy” rating in a research report on Friday, January 5th. They noted that the move was a valuation call. Finally, CIBC cut Royal Bank of Canada from an “outperform” rating to a “neutral” rating in a research report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $97.60.
NYSE:RY traded down $0.85 on Wednesday, reaching $76.27. The company’s stock had a trading volume of 751,279 shares, compared to its average volume of 751,988. Royal Bank of Canada has a 1-year low of $66.66 and a 1-year high of $87.10. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.13. The stock has a market cap of $111,366.30, a price-to-earnings ratio of 12.59, a PEG ratio of 1.38 and a beta of 1.14.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its earnings results on Friday, February 23rd. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.15. Royal Bank of Canada had a return on equity of 17.60% and a net margin of 21.64%. The firm had revenue of $10.83 billion during the quarter, compared to analysts’ expectations of $9.98 billion. During the same period in the previous year, the firm earned $1.83 earnings per share. The company’s revenue was up 12.3% on a year-over-year basis. sell-side analysts forecast that Royal Bank of Canada will post 6.63 earnings per share for the current year.
Royal Bank of Canada announced that its board has initiated a stock repurchase program on Friday, February 23rd that authorizes the company to buyback 30,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Chemical Bank bought a new stake in Royal Bank of Canada during the fourth quarter worth about $216,000. Fairfield Bush & CO. raised its holdings in Royal Bank of Canada by 4.2% during the fourth quarter. Fairfield Bush & CO. now owns 116,317 shares of the financial services provider’s stock worth $9,497,000 after acquiring an additional 4,710 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Royal Bank of Canada by 18.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 39,714 shares of the financial services provider’s stock worth $3,243,000 after acquiring an additional 6,298 shares in the last quarter. Letko Brosseau & Associates Inc. raised its holdings in Royal Bank of Canada by 0.4% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 4,953,116 shares of the financial services provider’s stock worth $405,792,000 after acquiring an additional 17,717 shares in the last quarter. Finally, William Blair Investment Management LLC raised its holdings in Royal Bank of Canada by 2.6% during the fourth quarter. William Blair Investment Management LLC now owns 61,223 shares of the financial services provider’s stock worth $4,999,000 after acquiring an additional 1,533 shares in the last quarter. Institutional investors and hedge funds own 41.36% of the company’s stock.
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Royal Bank of Canada Company Profile
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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