Analysts Set Royal Bank of Canada (NYSE:RY) Price Target at $142.50

Royal Bank of Canada (NYSE:RY) (TSE:RY) has received a consensus recommendation of “Buy” from the eight ratings firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $142.50.

A number of research analysts recently commented on RY shares. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, BMO Capital Markets increased their price target on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, August 29th.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. National Bank of Canada FI boosted its holdings in Royal Bank of Canada by 16.7% during the 2nd quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock valued at $2,141,681,000 after acquiring an additional 2,901,033 shares during the period. FMR LLC lifted its position in shares of Royal Bank of Canada by 75.8% during the third quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock worth $2,229,834,000 after purchasing an additional 7,702,585 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Royal Bank of Canada by 0.9% during the third quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock valued at $1,706,833,000 after purchasing an additional 124,348 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Royal Bank of Canada by 2.2% in the second quarter. The Manufacturers Life Insurance Company now owns 12,127,506 shares of the financial services provider’s stock worth $1,289,274,000 after purchasing an additional 256,023 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in Royal Bank of Canada by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock worth $1,118,150,000 after buying an additional 190,341 shares during the period. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Trading Up 0.9 %

RY stock opened at $125.27 on Friday. The firm has a fifty day moving average price of $123.49 and a 200 day moving average price of $115.11. Royal Bank of Canada has a fifty-two week low of $85.02 and a fifty-two week high of $126.96. The firm has a market cap of $177.09 billion, a PE ratio of 15.15, a price-to-earnings-growth ratio of 1.92 and a beta of 0.86. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The business had revenue of $10.68 billion during the quarter, compared to analysts’ expectations of $10.40 billion. Sell-side analysts anticipate that Royal Bank of Canada will post 8.37 earnings per share for the current fiscal year.

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 checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.