Royal Bank of Canada (RY) Upgraded at Zacks Investment Research

Royal Bank of Canada (NYSE:RY) (TSE:RY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.

According to Zacks, “ROYAL BANK of Canada operate under the master brand name of RBC. They are Canada’s largest bank as measured by assets and market capitalization, and one of North America’s leading diversified financial services companies. They provide personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. They have employee approximately Seventy Thousant full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 36 other countries. “

Several other brokerages have also weighed in on RY. ValuEngine lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Howard Weil upgraded shares of Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a report on Monday, September 10th. Scotiabank upgraded shares of Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report on Monday, September 10th. Finally, Scotia Howard Weill upgraded shares of Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a report on Monday, September 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $97.20.

Shares of NYSE RY opened at $71.94 on Thursday. Royal Bank of Canada has a 1-year low of $71.01 and a 1-year high of $87.10. The stock has a market cap of $103.76 billion, a PE ratio of 11.87, a P/E/G ratio of 1.35 and a beta of 1.14. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.13.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Wednesday, August 22nd. The financial services provider reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.04. Royal Bank of Canada had a net margin of 21.48% and a return on equity of 18.11%. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.39 billion. Equities analysts anticipate that Royal Bank of Canada will post 6.52 EPS for the current year.

Large investors have recently bought and sold shares of the company. FIL Ltd grew its position in Royal Bank of Canada by 3.0% in the 3rd quarter. FIL Ltd now owns 21,367,285 shares of the financial services provider’s stock worth $1,712,823,000 after purchasing an additional 627,041 shares in the last quarter. Toronto Dominion Bank grew its position in Royal Bank of Canada by 2.1% in the 3rd quarter. Toronto Dominion Bank now owns 20,298,238 shares of the financial services provider’s stock worth $1,627,944,000 after purchasing an additional 411,614 shares in the last quarter. Beutel Goodman & Co Ltd. grew its position in Royal Bank of Canada by 2.5% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 18,504,183 shares of the financial services provider’s stock worth $1,393,575,000 after purchasing an additional 443,292 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Royal Bank of Canada by 1.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,389,586 shares of the financial services provider’s stock worth $1,152,636,000 after purchasing an additional 147,284 shares in the last quarter. Finally, Great West Life Assurance Co. Can grew its position in Royal Bank of Canada by 0.4% in the 2nd quarter. Great West Life Assurance Co. Can now owns 12,819,314 shares of the financial services provider’s stock worth $968,329,000 after purchasing an additional 45,276 shares in the last quarter. 39.92% of the stock is owned by institutional investors.

Royal Bank of Canada Company Profile

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.

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