Citigroup Inc. Raises Royal Bank Of Canada (RY) Price Target to $95.00
Royal Bank Of Canada (NYSE:RY) had its price objective hoisted by Citigroup Inc. from $89.00 to $95.00 in a research note published on Wednesday. The brokerage currently has a buy rating on the stock.
Several other research analysts have also weighed in on RY. Zacks Investment Research raised shares of Royal Bank Of Canada from a hold rating to a buy rating and set a $66.00 price objective on the stock in a research note on Friday, May 20th. TD Securities reissued a hold rating and set a $81.00 price objective (up previously from $79.00) on shares of Royal Bank Of Canada in a research note on Friday, May 27th. Credit Suisse Group AG restated a buy rating on shares of Royal Bank Of Canada in a report on Saturday, June 4th. Argus started coverage on shares of Royal Bank Of Canada in a report on Friday, July 1st. They set a buy rating and a $69.00 target price on the stock. Finally, Bank of America Corp. restated an underperform rating on shares of Royal Bank Of Canada in a report on Tuesday, July 12th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $83.70.
Shares of Royal Bank Of Canada (NYSE:RY) opened at 61.11 on Wednesday. The company’s 50 day moving average is $61.86 and its 200 day moving average is $59.84. Royal Bank Of Canada has a 12-month low of $44.37 and a 12-month high of $64.13. The company has a market capitalization of $90.67 billion, a P/E ratio of 11.52 and a beta of 1.17.
Royal Bank Of Canada (NYSE:RY) last released its quarterly earnings data on Wednesday, August 24th. The company reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.39. Royal Bank Of Canada had a net margin of 22.91% and a return on equity of 16.36%. The business had revenue of $10.26 billion for the quarter, compared to analyst estimates of $7.27 billion. During the same quarter last year, the firm earned $1.66 EPS. Analysts expect that Royal Bank Of Canada will post $5.19 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 24th. Stockholders of record on Wednesday, October 26th will be issued a $0.6449 dividend. The ex-dividend date of this dividend is Monday, October 24th. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $0.62. This represents a $2.58 dividend on an annualized basis and a dividend yield of 4.22%. Royal Bank Of Canada’s dividend payout ratio (DPR) is 50.20%.
Several hedge funds have recently bought and sold shares of RY. Signaturefd LLC increased its stake in Royal Bank Of Canada by 32.4% in the second quarter. Signaturefd LLC now owns 1,867 shares of the company’s stock worth $110,000 after buying an additional 457 shares during the period. Pacad Investment Ltd. purchased a new position in Royal Bank Of Canada during the second quarter valued at $130,000. Americafirst Capital Management LLC purchased a new position in Royal Bank Of Canada during the second quarter valued at $139,000. Jolley Asset Management LLC boosted its position in Royal Bank Of Canada by 14.3% in the second quarter. Jolley Asset Management LLC now owns 2,400 shares of the company’s stock valued at $142,000 after buying an additional 300 shares in the last quarter. Finally, Integrated Wealth Management boosted its position in Royal Bank Of Canada by 49.3% in the second quarter. Integrated Wealth Management now owns 2,573 shares of the company’s stock valued at $152,000 after buying an additional 850 shares in the last quarter. Institutional investors own 45.08% of the company’s stock.
About Royal Bank Of Canada
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. It operates in five segments: Personal & Commercial Banking, which operates comprises its personal and business banking operations, as well as its auto financing and retail investment businesses; Wealth Management, which comprises Canadian Wealth Management, United States and International Wealth Management and Global Asset Management (GAM); Insurance, which operates under two business lines: Canadian Insurance and International Insurance; Investor & Treasury Services, which is a provider of asset servicing, custody, payments and treasury services, and Capital Markets, which comprises two business lines: Corporate and Investment Banking and Global Markets.
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