Royal Bank of Canada (TSE:RY) Downgraded by Desjardins

Desjardins lowered shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) from a buy rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports. Desjardins also issued estimates for Royal Bank of Canada’s Q1 2020 earnings at $2.27 EPS, Q2 2020 earnings at $2.32 EPS, Q4 2020 earnings at $2.36 EPS, FY2020 earnings at $9.30 EPS and FY2021 earnings at $9.80 EPS.

RY has been the topic of a number of other research reports. CIBC raised Royal Bank of Canada from a neutral rating to an outperform rating and increased their price target for the company from C$109.00 to C$120.00 in a research report on Thursday, November 21st. Eight Capital decreased their price objective on Royal Bank of Canada from C$114.00 to C$113.00 in a research note on Wednesday, September 4th. Cormark lowered their price objective on Royal Bank of Canada from C$112.00 to C$111.00 in a research report on Thursday, August 22nd. National Bank Financial cut their target price on shares of Royal Bank of Canada from C$117.00 to C$116.00 and set an outperform rating on the stock in a research note on Thursday. Finally, Citigroup reduced their target price on shares of Royal Bank of Canada from C$120.00 to C$113.00 in a report on Monday, September 9th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of C$112.45.

TSE:RY opened at C$104.99 on Wednesday. Royal Bank of Canada has a 12-month low of C$90.10 and a 12-month high of C$109.68. The firm has a market cap of $150.15 billion and a PE ratio of 11.98. The stock has a fifty day moving average price of C$107.61 and a 200 day moving average price of C$104.59.

The company also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Monday, January 27th will be paid a dividend of $1.05 per share. The ex-dividend date of this dividend is Friday, January 24th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 4.00%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.03. Royal Bank of Canada’s payout ratio is presently 46.43%.

In other news, Senior Officer Alex Douglas Mcgregor sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of C$100.96, for a total transaction of C$1,009,557.00. Following the sale, the insider now owns 54,675 shares of the company’s stock, valued at approximately C$5,519,752.90. Also, Director David Ian Mckay sold 8,258 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of C$108.86, for a total value of C$898,932.85. Following the sale, the director now directly owns 5,873 shares in the company, valued at approximately C$639,311.29. In the last quarter, insiders have sold 47,398 shares of company stock valued at $5,009,563.

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 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.

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

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