Royal Bank of Canada (NYSE:RY) Upgraded by Cibc World Mkts to Strong-Buy Rating

Royal Bank of Canada (NYSE:RY) (TSE:RY) was upgraded by stock analysts at Cibc World Mkts from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on RY. CIBC raised Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a report on Friday. BMO Capital Markets cut their price target 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. Finally, StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $156.50.

Royal Bank of Canada Stock Performance

RY opened at $111.13 on Thursday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $156.88 billion, a price-to-earnings ratio of 13.45, a PEG ratio of 1.80 and a beta of 0.82. The company has a fifty day moving average of $116.60 and a 200 day moving average of $120.71. Royal Bank of Canada has a fifty-two week low of $95.84 and a fifty-two week high of $128.05.

Institutional Trading of Royal Bank of Canada

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in Royal Bank of Canada during the fourth quarter valued at $2,425,519,000. Geode Capital Management LLC grew its holdings in Royal Bank of Canada by 31.2% during the 4th quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider’s stock valued at $1,027,061,000 after purchasing an additional 1,991,364 shares during the last quarter. APG Asset Management N.V. grew its holdings in Royal Bank of Canada by 1,600.9% during the 4th quarter. APG Asset Management N.V. now owns 1,427,075 shares of the financial services provider’s stock valued at $166,084,000 after purchasing an additional 1,343,174 shares during the last quarter. Vanguard Group Inc. raised its position in Royal Bank of Canada by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider’s stock worth $7,136,056,000 after purchasing an additional 1,104,975 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Royal Bank of Canada by 9.0% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider’s stock worth $1,338,156,000 after purchasing an additional 921,276 shares during the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

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.