Royal Bank of Canada (NYSE:RY) Raised to "Sector Outperform" at CIBC

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

A number of other equities research analysts have also issued reports on the company. BMO Capital Markets reduced their target price 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. StockNews.com upgraded Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Royal Bank of Canada presently has an average rating of "Buy" and an average target price of $156.50.

Royal Bank of Canada Price Performance

RY traded up $3.23 during midday trading on Friday, reaching $111.59. 982,654 shares of the company's stock were exchanged, compared to its average volume of 1,078,884. The business's 50-day moving average price is $115.77 and its 200 day moving average price is $120.41. The stock has a market capitalization of $157.52 billion, a PE ratio of 13.51, a P/E/G ratio of 1.80 and a beta of 0.82. Royal Bank of Canada has a 1-year low of $95.84 and a 1-year high of $128.05. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick 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. Investors of record on Thursday, April 24th will be given a dividend of $1.0251 per share. The ex-dividend date is Thursday, April 24th. This represents a $4.10 annualized dividend and a yield of 3.67%. Royal Bank of Canada's dividend payout ratio (DPR) is presently 45.96%.

Hedge Funds Weigh In On Royal Bank of Canada

A number of hedge funds have recently made changes to their positions in RY. BNP Paribas Financial Markets lifted its stake in shares of Royal Bank of Canada by 38.7% during the third quarter. BNP Paribas Financial Markets now owns 1,276 shares of the financial services provider's stock worth $159,000 after purchasing an additional 356 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Royal Bank of Canada during the 3rd quarter valued at $352,000. Janus Henderson Group PLC increased its stake in Royal Bank of Canada by 4.9% during the 3rd quarter. Janus Henderson Group PLC now owns 148,580 shares of the financial services provider's stock worth $18,561,000 after buying an additional 6,900 shares during the period. Polar Asset Management Partners Inc. lifted its holdings in Royal Bank of Canada by 50.0% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 15,000 shares of the financial services provider's stock worth $1,873,000 after buying an additional 5,000 shares in the last quarter. Finally, Quantinno Capital Management LP grew its stake in shares of Royal Bank of Canada by 9.6% during the third quarter. Quantinno Capital Management LP now owns 54,316 shares of the financial services provider's stock valued at $6,775,000 after acquiring an additional 4,753 shares in the last quarter. 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.