Royal Bank Of Canada (RY) Cut to “Hold” at Zacks Investment Research

Royal Bank Of Canada (NYSE:RY) (TSE:RY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, October 25th.

According to Zacks, “ROYAL BANK of Canada operate under the master brand name of RBC. They are Canada’s largest bank as measured by assets and market capitalization, and one of North America’s leading diversified financial services companies. They provide personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. They have employee approximately Seventy Thousant full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 36 other countries. “

A number of other brokerages also recently issued reports on RY. Macquarie assumed coverage on Royal Bank Of Canada in a research report on Tuesday, October 24th. They set an “underperform” rating on the stock. Canaccord Genuity assumed coverage on Royal Bank Of Canada in a research report on Tuesday, July 18th. They set a “hold” rating on the stock. BidaskClub downgraded Royal Bank Of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Scotiabank downgraded Royal Bank Of Canada from an “outperform” rating to a “sector perform” rating in a research report on Monday, August 21st. Finally, Howard Weil downgraded Royal Bank Of Canada to a “sector perform” rating in a research report on Monday, August 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. Royal Bank Of Canada currently has an average rating of “Hold” and an average price target of $80.00.

Shares of Royal Bank Of Canada (RY) traded down $0.69 during mid-day trading on Wednesday, reaching $78.74. The company’s stock had a trading volume of 610,200 shares, compared to its average volume of 779,842. The stock has a market capitalization of $114,797.72, a P/E ratio of 14.24, a P/E/G ratio of 2.17 and a beta of 1.08. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.14. Royal Bank Of Canada has a 52 week low of $62.92 and a 52 week high of $80.98.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings results on Wednesday, August 23rd. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.01). The business had revenue of $7.43 billion for the quarter, compared to analysts’ expectations of $7.11 billion. Royal Bank Of Canada had a return on equity of 16.63% and a net margin of 22.98%. During the same quarter in the prior year, the company posted $1.72 EPS. equities research analysts anticipate that Royal Bank Of Canada will post 6.03 EPS for the current year.

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Institutional investors have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership lifted its position in Royal Bank Of Canada by 25,974.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 5,267,110 shares of the financial services provider’s stock worth $381,962,000 after buying an additional 5,246,910 shares in the last quarter. Stevens Capital Management LP lifted its position in Royal Bank Of Canada by 585.6% during the second quarter. Stevens Capital Management LP now owns 69,592 shares of the financial services provider’s stock worth $5,047,000 after buying an additional 59,441 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Royal Bank Of Canada by 65.5% during the second quarter. JPMorgan Chase & Co. now owns 1,433,160 shares of the financial services provider’s stock worth $103,934,000 after buying an additional 567,152 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Royal Bank Of Canada by 8.7% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 180,422 shares of the financial services provider’s stock worth $13,103,000 after buying an additional 14,464 shares in the last quarter. Finally, Scotia Capital Inc. lifted its position in Royal Bank Of Canada by 2.2% during the second quarter. Scotia Capital Inc. now owns 5,395,492 shares of the financial services provider’s stock worth $391,212,000 after buying an additional 114,764 shares in the last quarter. Hedge funds and other institutional investors own 40.91% of the company’s stock.

Royal Bank Of Canada Company Profile

Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.

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