Royal Bank of Canada (NYSE:RY) Upgraded at StockNews.com

StockNews.com upgraded shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a sell rating to a hold rating in a research report released on Friday.

Several other brokerages have also issued reports on RY. CIBC raised shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a report on Friday, April 4th. Cibc World Mkts raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 3rd. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $156.50.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock opened at $120.09 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The stock has a market cap of $169.53 billion, a PE ratio of 14.54, a P/E/G ratio of 1.80 and a beta of 0.89. Royal Bank of Canada has a 12-month low of $102.44 and a 12-month high of $128.05. The business’s 50-day moving average price is $115.04 and its two-hundred day moving average price is $119.33.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors 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 dividend on an annualized basis and a yield of 3.41%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 46.18%.

Institutional Investors Weigh In On Royal Bank of Canada

Several hedge funds have recently added to or reduced their stakes in RY. CenterBook Partners LP increased its position in Royal Bank of Canada by 351.0% in the 1st quarter. CenterBook Partners LP now owns 61,868 shares of the financial services provider’s stock valued at $6,974,000 after acquiring an additional 48,150 shares during the period. Deutsche Bank AG grew its stake in shares of Royal Bank of Canada by 23.4% in the first quarter. Deutsche Bank AG now owns 2,036,417 shares of the financial services provider’s stock worth $229,545,000 after purchasing an additional 385,575 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Royal Bank of Canada by 0.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,574,879 shares of the financial services provider’s stock valued at $402,634,000 after purchasing an additional 26,838 shares during the period. ASR Vermogensbeheer N.V. bought a new position in Royal Bank of Canada during the 1st quarter worth $4,139,000. Finally, Citizens Financial Group Inc. RI acquired a new position in Royal Bank of Canada during the 1st quarter worth about $709,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

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.