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

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY has earned an average recommendation of "Buy" from the seven analysts that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $142.50.

A number of analysts have recently commented on RY shares. StockNews.com cut Royal Bank of Canada from a "hold" rating to a "sell" rating in a research report on Saturday, July 20th. UBS Group began coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They set a "buy" rating on the stock. Finally, BMO Capital Markets boosted their price target on Royal Bank of Canada from $151.00 to $165.00 and gave the company an "outperform" rating in a research report on Thursday, August 29th.

Royal Bank of Canada Stock Down 0.4 %

Royal Bank of Canada stock traded down $0.49 during midday trading on Tuesday, reaching $123.54. The company's stock had a trading volume of 659,051 shares, compared to its average volume of 1,085,415. Royal Bank of Canada has a fifty-two week low of $79.03 and a fifty-two week high of $126.96. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. The company has a market cap of $174.64 billion, a P/E ratio of 14.94, a P/E/G ratio of 2.00 and a beta of 0.86. The business has a 50-day simple moving average of $121.97 and a 200-day simple moving average of $111.47.

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.23. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. The company had revenue of $10.68 billion for the quarter, compared to analysts' expectations of $10.40 billion. On average, research analysts expect that Royal Bank of Canada will post 8.91 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be issued a $1.028 dividend. This represents a $4.11 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada's dividend payout ratio is presently 50.67%.

Institutional Investors Weigh In On Royal Bank of Canada

A number of institutional investors have recently added to or reduced their stakes in RY. Pembroke Management LTD boosted its stake in shares of Royal Bank of Canada by 3.8% during the 3rd quarter. Pembroke Management LTD now owns 10,492 shares of the financial services provider's stock worth $1,309,000 after acquiring an additional 384 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Royal Bank of Canada by 42.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,907 shares of the financial services provider's stock worth $1,111,000 after acquiring an additional 2,636 shares in the last quarter. Americana Partners LLC boosted its stake in shares of Royal Bank of Canada by 0.5% during the 3rd quarter. Americana Partners LLC now owns 29,508 shares of the financial services provider's stock worth $3,681,000 after acquiring an additional 145 shares in the last quarter. US Bancorp DE boosted its stake in shares of Royal Bank of Canada by 0.3% during the 3rd quarter. US Bancorp DE now owns 86,594 shares of the financial services provider's stock worth $10,801,000 after acquiring an additional 250 shares in the last quarter. Finally, SteelPeak Wealth LLC purchased a new stake in shares of Royal Bank of Canada during the 3rd quarter worth approximately $222,000. Hedge funds and other institutional investors 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.