Zacks Investment Research cut shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) from a buy rating to a sell rating in a research note published on Thursday morning.

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. “

Other research analysts also recently issued reports about the company. Canaccord Genuity started coverage on Royal Bank Of Canada in a research note on Tuesday, July 18th. They set a hold rating for the company. BidaskClub raised Royal Bank Of Canada from a sell rating to a hold rating in a research note on Tuesday, July 11th. TD Securities downgraded Royal Bank Of Canada from a buy rating to a hold rating in a research note on Monday, April 3rd. Finally, National Bank Financial reaffirmed a sector perform overweight rating on shares of Royal Bank Of Canada in a research note on Thursday, May 18th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $85.75.

Shares of Royal Bank Of Canada (NYSE:RY) traded down 0.35% during trading on Thursday, hitting $74.36. 199,951 shares of the stock traded hands. Royal Bank Of Canada has a 52-week low of $59.88 and a 52-week high of $76.01. The stock has a 50 day moving average of $73.01 and a 200 day moving average of $71.78. The firm has a market cap of $108.33 billion, a price-to-earnings ratio of 12.75 and a beta of 1.06.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Thursday, May 25th. The financial services provider reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.34 by $0.08. The business had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $6.88 billion. Royal Bank Of Canada had a return on equity of 16.69% and a net margin of 23.16%. During the same period in the prior year, the company posted $1.66 EPS. Analysts expect that Royal Bank Of Canada will post $5.91 EPS for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Wednesday, July 26th will be paid a $0.6439 dividend. This represents a $2.58 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Monday, July 24th. Royal Bank Of Canada’s dividend payout ratio is currently 49.36%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Welch Group LLC bought a new stake in shares of Royal Bank Of Canada during the first quarter valued at about $101,000. Quadrant Capital Group LLC boosted its stake in shares of Royal Bank Of Canada by 12.9% in the first quarter. Quadrant Capital Group LLC now owns 1,644 shares of the financial services provider’s stock valued at $108,000 after buying an additional 188 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Royal Bank Of Canada during the first quarter valued at about $123,000. Proficio Capital Partners LLC boosted its stake in shares of Royal Bank Of Canada by 125.3% in the first quarter. Proficio Capital Partners LLC now owns 2,098 shares of the financial services provider’s stock valued at $145,000 after buying an additional 1,167 shares during the last quarter. Finally, Jolley Asset Management LLC boosted its stake in shares of Royal Bank Of Canada by 1.0% in the second quarter. Jolley Asset Management LLC now owns 2,425 shares of the financial services provider’s stock valued at $176,000 after buying an additional 25 shares during the last quarter. 45.51% of the stock is owned by hedge funds and other institutional investors.

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. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.

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