Shares of Royal Bank of Canada (NYSE:RY – Get Free Report) (TSE:RY) have received an average recommendation of “Hold” from the six research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $121.80.
A number of research analysts have commented on RY shares. StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Wednesday, September 20th. Barclays boosted their price target on Royal Bank of Canada from $122.00 to $124.00 and gave the stock an “underweight” rating in a research report on Monday, August 21st. Finally, Credit Suisse Group boosted their price objective on shares of Royal Bank of Canada from $138.00 to $139.00 and gave the stock an “outperform” rating in a research note on Friday, August 25th.
Get Our Latest Stock Analysis on Royal Bank of Canada
Royal Bank of Canada Stock Down 0.5 %
Royal Bank of Canada (NYSE:RY – Get Free Report) (TSE:RY) last announced its quarterly earnings data on Thursday, August 24th. The financial services provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.14. Royal Bank of Canada had a net margin of 13.51% and a return on equity of 15.43%. The business had revenue of $10.86 billion during the quarter, compared to the consensus estimate of $9.54 billion. As a group, equities research analysts predict that Royal Bank of Canada will post 8.31 earnings per share for the current year.
Royal Bank of Canada Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Thursday, October 26th will be paid a dividend of $1.019 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Wednesday, October 25th. This represents a $4.08 dividend on an annualized basis and a yield of 4.57%. Royal Bank of Canada’s dividend payout ratio is presently 52.92%.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the company. Syverson Strege & Co acquired a new stake in shares of Royal Bank of Canada in the first quarter worth $28,000. Optiver Holding B.V. acquired a new stake in Royal Bank of Canada during the second quarter worth about $29,000. Delta Asset Management LLC TN acquired a new stake in Royal Bank of Canada during the fourth quarter worth about $29,000. Money Concepts Capital Corp acquired a new stake in Royal Bank of Canada during the fourth quarter valued at $38,000. Finally, Grey Fox Wealth Advisors LLC acquired a new stake in Royal Bank of Canada during the fourth quarter valued at $39,000. 42.02% of the stock is owned by institutional investors and hedge funds.
Royal Bank of Canada Company Profile
Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.
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