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

Shares of Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY have been given an average recommendation of "Buy" by the nine analysts that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $156.50.

A number of research firms recently issued reports on RY. StockNews.com upgraded Royal Bank of Canada from a "sell" rating to a "hold" rating in a report on Friday, February 28th. 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. Finally, CIBC raised shares of Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a research note on Friday, April 4th.

Royal Bank of Canada Trading Down 0.2 %

NYSE RY traded down $0.24 during trading on Tuesday, hitting $117.43. The stock had a trading volume of 351,764 shares, compared to its average volume of 1,096,240. Royal Bank of Canada has a one year low of $95.84 and a one year high of $128.05. The stock has a 50 day simple moving average of $114.67 and a 200 day simple moving average of $119.72. The stock has a market capitalization of $165.77 billion, a price-to-earnings ratio of 14.22, a P/E/G ratio of 1.80 and a beta of 0.82. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86.

Royal Bank of Canada Cuts Dividend

The firm also recently announced 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 annualized dividend and a yield of 3.49%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada's payout ratio is 46.18%.

Hedge Funds Weigh In On Royal Bank of Canada

Hedge funds and other institutional investors have recently modified their holdings of the business. Shilanski & Associates Inc. lifted its holdings in Royal Bank of Canada by 5.5% during the first quarter. Shilanski & Associates Inc. now owns 33,646 shares of the financial services provider's stock worth $3,793,000 after buying an additional 1,758 shares during the period. Sunbelt Securities Inc. raised its position in shares of Royal Bank of Canada by 2,272.7% in the 1st quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider's stock worth $29,000 after acquiring an additional 250 shares in the last quarter. Gold Investment Management Ltd. lifted its stake in shares of Royal Bank of Canada by 3.2% during the 1st quarter. Gold Investment Management Ltd. now owns 45,469 shares of the financial services provider's stock worth $5,124,000 after purchasing an additional 1,403 shares during the last quarter. Achmea Investment Management B.V. boosted its position in Royal Bank of Canada by 53.2% during the first quarter. Achmea Investment Management B.V. now owns 15,560 shares of the financial services provider's stock valued at $1,752,000 after purchasing an additional 5,403 shares in the last quarter. Finally, Transcend Capital Advisors LLC grew its stake in Royal Bank of Canada by 38.0% in the first quarter. Transcend Capital Advisors LLC now owns 3,670 shares of the financial services provider's stock valued at $414,000 after purchasing an additional 1,010 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors.

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.