Royal Bank of Canada (RY) Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a hold rating to a sell rating in a research report sent to investors 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 topic of a number of other research reports. ValuEngine lowered Royal Bank of Canada from a hold rating to a sell rating in a research note on Thursday, November 1st. Scotia Howard Weill raised Royal Bank of Canada from a sector perform rating to a sector outperform rating in a research note on Monday, September 10th. Scotiabank raised Royal Bank of Canada from a sector perform rating to an outperform rating in a research note on Monday, September 10th. Finally, Howard Weil raised Royal Bank of Canada from a sector perform rating to a sector outperform rating in a research note on Monday, September 10th. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $97.20.

RY stock traded down $0.81 on Friday, reaching $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 1 year low of $71.01 and a 1 year high of $87.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market cap of $105.48 billion, a P/E ratio of 11.98, 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 Wednesday, August 22nd. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $8.39 billion. On average, research analysts predict that Royal Bank of Canada will post 6.52 earnings per share for the current year.

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

Several institutional investors have recently modified their holdings of the business. Trexquant Investment LP purchased a new position in shares of Royal Bank of Canada during the 3rd quarter worth $1,001,000. DekaBank Deutsche Girozentrale lifted its stake in shares of Royal Bank of Canada by 5.7% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 500,324 shares of the financial services provider’s stock worth $40,273,000 after purchasing an additional 27,110 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Royal Bank of Canada by 5.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 340,692 shares of the financial services provider’s stock worth $27,290,000 after purchasing an additional 17,289 shares during the period. Pathstone Family Office LLC purchased a new position in shares of Royal Bank of Canada during the 3rd quarter worth $129,136,000. Finally, Ontario Teachers Pension Plan Board lifted its stake in shares of Royal Bank of Canada by 14.9% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 72,940 shares of the financial services provider’s stock worth $5,847,000 after purchasing an additional 9,481 shares during the period. 40.06% of the stock is currently owned by institutional investors.

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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