StockNews.com cuts sale of Royal Bank of Canada (NYSE:RY)


Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a report released Friday.

A number of other analysts have also weighed in on the company recently. CIBC upgraded Royal Bank of Canada from a “neutral” rating to an “sector outperformer” rating in a Monday, April 11 research report. National Bank Financial raised its price target on Royal Bank of Canada from C$147.00 to C$148.00 in a Friday, May 27 research report. BMO Capital Markets lowered its target price on Royal Bank of Canada from C$142.00 to C$140.00 in a research report on Friday, May 27. Canaccord Genuity Group downgraded Royal Bank of Canada from a “buy” to a “hold” rating and raised its price target for the company from $141.00 to $148.00 in a report research on Monday, February 7. Finally, TD Securities lowered its price target on Royal Bank of Canada from C$150.00 to C$145.00 in a Friday, May 27 research report. Two research analysts have assigned the stock a sell rating, five have issued a hold rating and nine have assigned the stock a buy rating. According to data from MarketBeat.com, Royal Bank of Canada has an average rating of “Hold” and an average target price of $144.05.

NYSE:RY was trading down $0.94 during Friday’s midday session, hitting $104.77. The stock recorded a trading volume of 615,927 shares, compared to an average volume of 1,277,645 shares. The company has a 50-day moving average price of $104.55 and a two-hundred-day moving average price of $107.31. The stock has a market capitalization of $147.05 billion, a P/E ratio of 11.46, a P/E/G ratio of 2.30 and a beta of 0.90. Royal Bank of Canada has a one-year low of $95.02 and a one-year high of $119.41. The company has a debt ratio of 0.11, a quick ratio of 0.88 and a current ratio of 0.88.

A number of institutional investors have recently increased or reduced their stake in RY. The Ontario Teachers’ Pension Board acquired a new stake in Royal Bank of Canada in the third quarter worth $264,000. Natixis bought a new position in shares of Royal Bank of Canada during the third quarter at a value of $7,679,000. HighTower Advisors LLC increased its holdings of Royal Bank of Canada shares by 1.2% during the third quarter. HighTower Advisors LLC now owns 92,642 shares of the financial services provider valued at $9,224,000 after buying an additional 1,100 shares last quarter. Ensign Peak Advisors Inc. increased its holdings of Royal Bank of Canada shares by 2.2% during the third quarter. Ensign Peak Advisors Inc now owns 527,487 shares of the financial services provider valued at $52,463,000 after buying an additional 11,212 shares last quarter. Finally, Dimensional Fund Advisors LP increased its holdings of Royal Bank of Canada shares by 2.0% during the third quarter. Dimensional Fund Advisors LP now owns 2,062,425 shares of the financial services provider valued at $205,170,000 after buying 39,461 additional shares in the last quarter. 41.50% of the shares are currently held by institutional investors and hedge funds.

About Royal Bank of Canada (Get a rating)

Royal Bank of Canada is a globally diversified financial services company. The Company’s Personal and Commercial Banking segment offers checking and savings accounts, home equity financing, personal loans, private banking, indirect loans, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, commercial products and services to small and medium commercial enterprises.

See also

Analyst Recommendations for Royal Bank of Canada (NYSE: RY)



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Shawanda H. Saldana