Royal Bank of Canada (NYSE:RY) Downgraded by Keefe, Bruyette & Woods
Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) was downgraded by research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “underperform” rating in a research note issued to investors on Monday, The Fly reports. They currently have a C$118.00 price objective on the financial services provider’s stock, down from their previous price objective of C$132.00.
Several other equities research analysts have also recently commented on the company. BMO Capital Markets cut their price target on Royal Bank of Canada from C$142.00 to C$140.00 in a report on Friday, May 27th. Scotiabank cut their price target on Royal Bank of Canada from C$150.00 to C$147.00 in a research note on Friday, May 20th. TD Securities cut their target price on Royal Bank of Canada from C$150.00 to C$145.00 in a research report on Friday, May 27th. Argus lifted their price objective on Royal Bank of Canada from $121.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 6th. Finally, CIBC upgraded Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a report on Monday, April 11th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $142.12.
Royal Bank of Canada Trading Down 0.6 %
Shares of NYSE:RY opened at $97.77 on Monday. The stock’s 50-day simple moving average is $98.08 and its two-hundred day simple moving average is $104.60. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.88 and a current ratio of 0.88. Royal Bank of Canada has a 52-week low of $90.75 and a 52-week high of $119.41. The stock has a market capitalization of $136.35 billion, a price-to-earnings ratio of 10.70, a PEG ratio of 2.15 and a beta of 0.87.
Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last announced its earnings results on Thursday, May 26th. The financial services provider reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.08 by $0.28. The firm had revenue of $8.86 billion during the quarter. Royal Bank of Canada had a return on equity of 17.97% and a net margin of 28.54%. Analysts expect that Royal Bank of Canada will post 8.86 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the company. Ascent Group LLC increased its position in Royal Bank of Canada by 14.7% in the 2nd quarter. Ascent Group LLC now owns 2,501 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 321 shares during the period. Intercontinental Wealth Advisors LLC increased its holdings in shares of Royal Bank of Canada by 1.7% during the 2nd quarter. Intercontinental Wealth Advisors LLC now owns 6,706 shares of the financial services provider’s stock worth $649,000 after buying an additional 110 shares during the last quarter. M&T Bank Corp boosted its position in Royal Bank of Canada by 19.6% during the 2nd quarter. M&T Bank Corp now owns 54,327 shares of the financial services provider’s stock worth $4,586,000 after purchasing an additional 8,914 shares during the period. M. Kulyk & Associates LLC boosted its position in Royal Bank of Canada by 6.4% in the 2nd quarter. M. Kulyk & Associates LLC now owns 89,935 shares of the financial services provider’s stock valued at $8,707,000 after buying an additional 5,397 shares during the last quarter. Finally, Bank of Nova Scotia Trust Co. boosted its position in Royal Bank of Canada by 0.4% in the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 1,114,567 shares of the financial services provider’s stock valued at $107,912,000 after buying an additional 4,874 shares during the last quarter. 41.50% of the stock is currently owned by hedge funds and other 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.
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