Eight Capital Upgrades Royal Bank of Canada (RY) to “Buy”
Eight Capital upgraded shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) from a neutral rating to a buy rating in a research note issued to investors on Monday. They currently have C$113.00 target price on the financial services provider’s stock, up from their previous target price of C$107.00.
Several other equities research analysts have also recently commented on RY. Scotiabank cut Royal Bank of Canada from an outperform rating to a sector perform rating and dropped their target price for the stock from C$102.00 to C$100.00 in a report on Monday, August 21st. BMO Capital Markets reissued a market perform rating and set a C$100.00 target price on shares of Royal Bank of Canada in a report on Thursday, August 24th. National Bank Financial dropped their target price on Royal Bank of Canada from C$101.00 to C$99.00 and set a sector perform rating on the stock in a report on Thursday, August 24th. Barclays boosted their target price on Royal Bank of Canada from C$94.20 to C$96.00 in a report on Friday, August 25th. Finally, Canaccord Genuity boosted their target price on Royal Bank of Canada from C$100.00 to C$105.00 in a report on Wednesday, November 1st. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Royal Bank of Canada currently has a consensus rating of Hold and an average target price of C$106.31.
Shares of Royal Bank of Canada (TSE:RY) opened at C$101.46 on Monday. Royal Bank of Canada has a twelve month low of C$90.13 and a twelve month high of C$102.80.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Thursday, January 25th will be issued a $0.91 dividend. The ex-dividend date is Wednesday, January 24th. This represents a $3.64 annualized dividend and a dividend yield of 3.59%. Royal Bank of Canada’s dividend payout ratio is currently 46.03%.
In other news, Director Jeffery William Yabuki acquired 1,000 shares of the stock in a transaction on Tuesday, December 5th. The shares were purchased at an average cost of C$79.63 per share, for a total transaction of C$79,630.00. Also, insider Alex Douglas Mcgregor sold 10,000 shares of Royal Bank of Canada stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of C$93.10, for a total transaction of C$931,000.00. Insiders sold 32,731 shares of company stock worth $3,209,901 in the last ninety days.
About Royal Bank of Canada
Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company operates through five segments: Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury Services, and Capital Markets. The Personal & Commercial Banking segment engages in the personal and business banking operations, auto financing, and retail investment businesses.
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