Royal Bank of Canada (RY) Stock Rating Upgraded by Zacks Investment Research

Share on StockTwits

Royal Bank of Canada (NYSE:RY) (TSE:RY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

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. “

Several other brokerages have also weighed in on RY. Scotiabank reiterated an “average” rating and issued a $111.00 price objective on shares of Royal Bank of Canada in a research report on Friday, February 22nd. Barclays reiterated a “sell” rating on shares of Royal Bank of Canada in a research report on Friday, February 22nd. Canaccord Genuity reiterated a “hold” rating on shares of Royal Bank of Canada in a research report on Friday, February 22nd. Finally, Desjardins reiterated a “buy” rating and issued a $111.00 price objective on shares of Royal Bank of Canada in a research report on Thursday, May 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $99.25.

NYSE:RY opened at $76.16 on Wednesday. Royal Bank of Canada has a one year low of $65.76 and a one year high of $81.56. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $112.60 billion, a P/E ratio of 11.66, a P/E/G ratio of 1.96 and a beta of 1.11.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Friday, February 22nd. The financial services provider reported $1.65 EPS for the quarter, missing the consensus estimate of $1.66 by ($0.01). Royal Bank of Canada had a net margin of 20.85% and a return on equity of 17.52%. The company had revenue of $8.70 billion during the quarter, compared to analyst estimates of $8.31 billion. During the same period in the prior year, the business posted $2.01 EPS. As a group, equities research analysts anticipate that Royal Bank of Canada will post 6.67 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cerebellum GP LLC purchased a new position in shares of Royal Bank of Canada during the first quarter worth $303,000. Merit Financial Group LLC boosted its position in shares of Royal Bank of Canada by 20.1% during the first quarter. Merit Financial Group LLC now owns 5,356 shares of the financial services provider’s stock worth $404,000 after buying an additional 896 shares during the period. BlueCrest Capital Management Ltd purchased a new position in shares of Royal Bank of Canada during the first quarter worth $1,465,000. HighTower Advisors LLC boosted its position in shares of Royal Bank of Canada by 29.3% during the first quarter. HighTower Advisors LLC now owns 31,069 shares of the financial services provider’s stock worth $2,378,000 after buying an additional 7,043 shares during the period. Finally, RMB Capital Management LLC boosted its position in shares of Royal Bank of Canada by 25.1% during the first quarter. RMB Capital Management LLC now owns 15,650 shares of the financial services provider’s stock worth $1,182,000 after buying an additional 3,143 shares during the period. Institutional investors and hedge funds own 41.42% of the company’s stock.

About Royal Bank of Canada

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.

Featured Article: What are the risks of holding treasury bonds?

Get a free copy of the Zacks research report on Royal Bank of Canada (RY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Royal Bank of Canada Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Bank of Canada and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply