Brokerages Set Royal Bank of Canada (NYSE:RY) Price Target at $156.50

Shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) have earned an average rating of “Moderate Buy” from the eight analysts that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $156.50.

A number of research analysts have recently commented on RY shares. CIBC reissued a “neutral” rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Finally, BMO Capital Markets dropped their price objective on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research note on Thursday, December 5th.

Institutional Investors Weigh In On Royal Bank of Canada

A number of institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. boosted its stake in Royal Bank of Canada by 14.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 3,743 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 461 shares during the period. Cerity Partners LLC boosted its position in shares of Royal Bank of Canada by 24.6% in the third quarter. Cerity Partners LLC now owns 43,487 shares of the financial services provider’s stock valued at $5,424,000 after acquiring an additional 8,576 shares during the period. Kingsview Wealth Management LLC grew its stake in shares of Royal Bank of Canada by 3.9% in the third quarter. Kingsview Wealth Management LLC now owns 3,423 shares of the financial services provider’s stock valued at $427,000 after acquiring an additional 127 shares in the last quarter. Algert Global LLC bought a new position in Royal Bank of Canada during the third quarter worth about $706,000. Finally, Larson Financial Group LLC bought a new position in Royal Bank of Canada during the third quarter worth about $26,000. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

NYSE:RY opened at $113.67 on Friday. The stock has a market capitalization of $160.47 billion, a PE ratio of 13.76, a P/E/G ratio of 1.80 and a beta of 0.88. Royal Bank of Canada has a 1-year low of $95.84 and a 1-year high of $128.05. The firm has a fifty day simple moving average of $117.10 and a 200 day simple moving average of $120.88. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be issued a $1.0251 dividend. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 annualized dividend and a yield of 3.61%. Royal Bank of Canada’s dividend payout ratio is currently 45.96%.

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 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.