Royal Bank of Canada (NYSE:RY) Now Covered by Analysts at UBS Group

UBS Group began coverage on shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) in a research note released on Tuesday, Marketbeat reports. The firm issued a buy rating on the financial services provider’s stock.

Several other equities research analysts have also weighed in on the company. BMO Capital Markets lowered Royal Bank of Canada from a strong-buy rating to a hold rating in a research note on Friday, May 31st. Barclays began coverage on Royal Bank of Canada in a research note on Wednesday, March 20th. They set an equal weight rating for the company. Argus raised their price objective on Royal Bank of Canada from $115.00 to $120.00 and gave the stock a buy rating in a research note on Thursday, June 6th. Scotiabank raised Royal Bank of Canada from a hold rating to a strong-buy rating in a research note on Friday, May 17th. Finally, Jefferies Financial Group raised Royal Bank of Canada from a hold rating to a buy rating in a research note on Monday, May 13th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $133.25.

Royal Bank of Canada Stock Up 1.5 %

Shares of RY stock opened at $107.53 on Tuesday. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $109.51. The stock has a market cap of $152.16 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 1.67 and a beta of 0.86. The business’s fifty day moving average is $104.00 and its 200-day moving average is $100.82. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings results on Thursday, May 30th. The financial services provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.12. Royal Bank of Canada had a return on equity of 14.87% and a net margin of 12.12%. The company had revenue of $10.43 billion for the quarter, compared to analysts’ expectations of $9.95 billion. Equities analysts expect that Royal Bank of Canada will post 8.47 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Thursday, July 25th will be given a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 3.83%. The ex-dividend date is Thursday, July 25th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.02. Royal Bank of Canada’s dividend payout ratio (DPR) is 50.62%.

Institutional Trading of Royal Bank of Canada

Several hedge funds and other institutional investors have recently modified their holdings of the company. First Horizon Advisors Inc. grew its position in Royal Bank of Canada by 64.7% during the fourth quarter. First Horizon Advisors Inc. now owns 471 shares of the financial services provider’s stock worth $48,000 after buying an additional 185 shares in the last quarter. Mather Group LLC. acquired a new position in shares of Royal Bank of Canada in the 1st quarter worth approximately $49,000. Addison Advisors LLC boosted its holdings in shares of Royal Bank of Canada by 131.0% in the 4th quarter. Addison Advisors LLC now owns 529 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 300 shares in the last quarter. Heritage Wealth Advisors acquired a new position in shares of Royal Bank of Canada in the 4th quarter worth approximately $61,000. Finally, EverSource Wealth Advisors LLC raised its position in Royal Bank of Canada by 192.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 716 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 471 shares during the last quarter. 45.31% 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.