Royal Bank of Canada (NYSE:RY) Rating Increased to Sector Outperform at CIBC

CIBC upgraded shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a neutral rating to a sector outperform rating in a report released on Friday, MarketBeat Ratings reports.

Several other research firms also recently commented on RY. BMO Capital Markets lowered their target price on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $156.50.

Royal Bank of Canada Stock Performance

RY stock opened at $111.13 on Friday. The company has a market capitalization of $156.88 billion, a price-to-earnings ratio of 13.45, a P/E/G ratio of 1.80 and a beta of 0.82. The firm has a 50 day moving average of $116.60 and a two-hundred day moving average of $120.71. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 12 month low of $95.84 and a 12 month high of $128.05.

Royal Bank of Canada Cuts Dividend

The company 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 dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is 45.96%.

Hedge Funds Weigh In On Royal Bank of Canada

Several large investors have recently made changes to their positions in RY. Exeter Financial LLC increased its position in Royal Bank of Canada by 1.4% in the 1st quarter. Exeter Financial LLC now owns 24,828 shares of the financial services provider’s stock worth $2,799,000 after buying an additional 350 shares during the period. Versant Capital Management Inc grew its stake in shares of Royal Bank of Canada by 816.5% in the first quarter. Versant Capital Management Inc now owns 5,673 shares of the financial services provider’s stock worth $639,000 after acquiring an additional 5,054 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Royal Bank of Canada by 7.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 33,189 shares of the financial services provider’s stock worth $4,000,000 after acquiring an additional 2,340 shares during the period. Old North State Trust LLC raised its stake in Royal Bank of Canada by 6.0% during the 4th quarter. Old North State Trust LLC now owns 8,554 shares of the financial services provider’s stock valued at $1,031,000 after purchasing an additional 486 shares during the last quarter. Finally, Park Square Financial Group LLC bought a new stake in Royal Bank of Canada in the 4th quarter valued at $25,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

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.