Royal Bank of Canada (NYSE:RY) Upgraded at CIBC

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

Several other equities research analysts have also recently weighed in on the company. BMO Capital Markets dropped their target price on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a report on Thursday, December 5th. StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $156.50.

Royal Bank of Canada Price Performance

Shares of NYSE:RY opened at $111.13 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The stock has a market cap of $156.88 billion, a PE ratio of 13.45, a PEG ratio of 1.80 and a beta of 0.82. The company’s fifty day moving average is $116.60 and its 200 day moving average is $120.68. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be paid a $1.0251 dividend. This represents a $4.10 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s payout ratio is 45.96%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Exeter Financial LLC increased its position in shares of Royal Bank of Canada by 1.4% during the first quarter. Exeter Financial LLC now owns 24,828 shares of the financial services provider’s stock valued at $2,799,000 after buying an additional 350 shares during the period. Versant Capital Management Inc raised its position in shares of Royal Bank of Canada by 816.5% in the 1st quarter. Versant Capital Management Inc now owns 5,673 shares of the financial services provider’s stock worth $639,000 after acquiring an additional 5,054 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Royal Bank of Canada by 7.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 33,189 shares of the financial services provider’s stock valued at $4,000,000 after purchasing an additional 2,340 shares during the period. Old North State Trust LLC boosted its position in shares of Royal Bank of Canada by 6.0% during the fourth quarter. Old North State Trust LLC now owns 8,554 shares of the financial services provider’s stock valued at $1,031,000 after purchasing an additional 486 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new stake in Royal Bank of Canada in the fourth quarter worth $25,000. 45.31% of the stock is 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.