StockNews.com upgraded shares of Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) from a sell rating to a hold rating in a research report released on Friday morning.
RY has been the topic of a number of other research reports. BMO Capital Markets cut their price target on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a report on Thursday, December 5th. Barclays raised Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. Finally, TD Securities lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $156.50.
View Our Latest Stock Analysis on Royal Bank of Canada
Royal Bank of Canada Trading Up 0.8 %
Royal Bank of Canada Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Monday, January 27th will be given a dividend of $1.0522 per share. This represents a $4.21 annualized dividend and a yield of 3.49%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.03. The ex-dividend date is Monday, January 27th. Royal Bank of Canada’s dividend payout ratio is 52.91%.
Hedge Funds Weigh In On Royal Bank of Canada
A number of hedge funds have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in shares of Royal Bank of Canada in the third quarter worth approximately $25,000. Dunhill Financial LLC bought a new stake in Royal Bank of Canada in the 3rd quarter worth approximately $25,000. Larson Financial Group LLC bought a new position in shares of Royal Bank of Canada during the 3rd quarter valued at $26,000. Ridgewood Investments LLC purchased a new position in shares of Royal Bank of Canada in the 2nd quarter worth $27,000. Finally, Grove Bank & Trust purchased a new position in Royal Bank of Canada in the third quarter worth about $28,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.
About Royal Bank of Canada
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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