Royal Bank of Canada (NYSE:RY) (TSE:RY) was downgraded by analysts at Desjardins from a “buy” rating to a “hold” rating in a report issued on Wednesday, The Fly reports.
A number of other analysts have also weighed in on RY. Zacks Investment Research lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. ValuEngine cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Thursday, September 5th. Barclays reiterated a “sell” rating on shares of Royal Bank of Canada in a research report on Wednesday, August 21st. CIBC upgraded shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating and upped their target price for the company from $109.00 to $120.00 in a research report on Thursday, November 21st. Finally, Scotiabank reissued a “buy” rating on shares of Royal Bank of Canada in a research note on Tuesday, August 20th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $108.50.
Shares of Royal Bank of Canada stock traded down $1.39 during midday trading on Wednesday, hitting $79.31. 1,020,065 shares of the company were exchanged, compared to its average volume of 702,910. The firm has a 50 day simple moving average of $81.64 and a 200-day simple moving average of $78.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a market cap of $116.96 billion, a P/E ratio of 12.14, a PEG ratio of 2.07 and a beta of 1.11. Royal Bank of Canada has a 52 week low of $65.76 and a 52 week high of $82.58.
Several institutional investors have recently made changes to their positions in the stock. Coastal Capital Group Inc. acquired a new stake in shares of Royal Bank of Canada during the second quarter worth $28,000. Capital Advisors Ltd. LLC bought a new position in Royal Bank of Canada in the second quarter worth approximately $32,000. Balentine LLC grew its stake in Royal Bank of Canada by 36.2% in the third quarter. Balentine LLC now owns 549 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 146 shares during the period. Boston Partners acquired a new stake in Royal Bank of Canada in the second quarter valued at approximately $50,000. Finally, CWM LLC grew its stake in Royal Bank of Canada by 140.0% in the third quarter. CWM LLC now owns 804 shares of the financial services provider’s stock valued at $65,000 after acquiring an additional 469 shares during the period. 42.02% of the stock is owned by institutional investors and hedge funds.
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 check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.
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