Royal Bank of Canada (TSE:RY) Cut to Hold at TD Securities

TD Securities cut shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) from a buy rating to a hold rating in a report issued on Friday morning, MarketBeat reports. They currently have C$180.00 price objective on the financial services provider’s stock, up from their prior price objective of C$178.00.

Other equities research analysts have also recently issued research reports about the stock. Jefferies Financial Group decreased their target price on shares of Royal Bank of Canada from C$168.00 to C$165.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Cormark lifted their target price on shares of Royal Bank of Canada from C$166.00 to C$171.00 in a research note on Thursday, August 29th. Bank of America upped their target price on shares of Royal Bank of Canada from C$162.00 to C$180.00 in a report on Thursday, August 29th. Canaccord Genuity Group raised their price target on Royal Bank of Canada from C$159.50 to C$172.00 in a report on Thursday, August 29th. Finally, BMO Capital Markets upped their price objective on Royal Bank of Canada from C$151.00 to C$165.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Royal Bank of Canada presently has an average rating of “Moderate Buy” and an average target price of C$163.54.

Royal Bank of Canada Trading Down 0.5 %

RY opened at C$171.13 on Friday. The company’s 50 day moving average is C$169.28 and its 200 day moving average is C$155.43. The company has a market cap of C$241.29 billion, a price-to-earnings ratio of 15.16, a PEG ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a 12-month low of C$115.57 and a 12-month high of C$175.04.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its quarterly earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share for the quarter, topping the consensus estimate of C$2.95 by C$0.31. The business had revenue of C$14.63 billion for the quarter, compared to analysts’ expectations of C$14.27 billion. Royal Bank of Canada had a net margin of 28.67% and a return on equity of 13.68%. As a group, analysts predict that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Royal Bank of Canada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 22nd will be issued a $1.42 dividend. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s payout ratio is 50.31%.

Insider Buying and Selling at Royal Bank of Canada

In other news, Senior Officer Douglas Antony Guzman sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of C$166.96, for a total value of C$1,252,207.50. Following the completion of the sale, the insider now owns 25 shares in the company, valued at approximately C$4,174.03. This trade represents a 99.67 % decrease in their position. Also, Director David Ian Mckay sold 74,852 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total transaction of C$12,320,115.24. Insiders have sold a total of 144,770 shares of company stock worth $23,959,265 over the last ninety days.

Royal Bank of Canada Company Profile

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.