Royal Bank of Canada (NYSE: RY) upgrade at Zacks Investment Research

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Royal Bank of Canada (NYSE: RY) (TSE: RY) has been improved by Zacks investment research from a “keep” note to a “buy” note in a report published on Saturday, Zacks.com reports. The company currently has a target price of $ 117.00 on shares of the financial services provider. Zacks investment researchThe company’s target price suggests a potential rise of 10.91% from the company’s current price.

According to Zacks, “The ROYAL BANK of Canada operates under the main brand of RBC. It is Canada’s largest bank in terms of assets and market capitalization, and one of the leading diversified financial services companies in North America. It provides personal and commercial banking, management, insurance, merchant and investment banking, and transaction processing services on a global basis. They employ approximately seventy full-time and part-time employees who serve more than 15 million personal, commercial, public sector and institutional clients through offices in Canada, the United States and 36 other countries. “

RY has been the subject of a number of other reports. Barclays raised its price target on the Royal Bank of Canada from $ 137.00 to $ 142.00 and gave the stock an “overweight” rating in a research report published on Friday, August 13. Credit Suisse Group raised its target price on Royal Bank of Canada from C $ 135.00 to C $ 140.00 and gave the stock an “outperformance” rating in a research report on Thursday, August 26. CIBC raised its target price on Royal Bank of Canada from C $ 138.00 to C $ 145 and assigned the security a “neutral” rating in a research report on Thursday, August 26. Basic research raised its target price on the Royal Bank of Canada from $ 127.27 to $ 143.76 and gave the stock a “buy” rating in a research report released on Wednesday, September 1. Finally, Desjardins raised its target price on the Royal Bank of Canada from CA $ 138.00 to CA $ 141.00 and assigned the stock a “buy” rating in a research report on Friday August 27th. Three equity research analysts rated the stock with a conservation rating and ten gave the company a buy rating. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $ 134.31.

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NYSE: RY shares opened at $ 105.49 on Friday. The company has a market cap of $ 150.32 billion, a P / E ratio of 12.60, a P / E / G ratio of 1.06 and a beta of 0.98. The stock’s 50-day moving average is $ 102.43 and its 200-day moving average is $ 100.55. The Royal Bank of Canada has a 52-week low of $ 67.78 and a 52-week high of $ 106.40. The company has a debt ratio of 0.10, a quick ratio of 0.91, and a current ratio of 0.91.

The Royal Bank of Canada (NYSE: RY) (TSE: RY) last released its quarterly results on Tuesday, August 24. The financial services provider reported earnings per share (EPS) of $ 3.00 for the quarter, beating the Thomson Reuters consensus estimate of $ 2.16 per $ 0.84. The company posted revenue of $ 10.38 billion for the quarter, compared to a consensus estimate of $ 11.86 billion. Royal Bank of Canada achieved a return on equity of 18.54% and a net margin of 27.06%. During the same period last year, the company posted earnings of $ 2.20 per share. As a group, stock analysts predict that the Royal Bank of Canada will post 8.86 EPS for the current year.

Several large investors have recently bought and sold shares in the company. Vanguard Group Inc. increased its stake in shares of Royal Bank of Canada by 1.5% in the second quarter. Vanguard Group Inc. now owns 44,525,823 shares of the financial services provider valued at $ 4,510,911,000 after acquiring an additional 666,474 shares in the last quarter. FIL Ltd increased its stake in shares of Royal Bank of Canada by 2.4% in the first quarter. FIL Ltd now owns 29,954,994 shares of the financial services provider valued at $ 2,761,904,000 after acquiring an additional 714,939 shares during the last quarter. The Bank of Nova Scotia increased its stake in shares of Royal Bank of Canada by 6.4% in the second quarter. The Bank of Nova Scotia now owns 21,064,741 shares of the financial services provider valued at $ 2,134,039,000 after acquiring an additional 1,268,398 shares in the last quarter. 1832 Asset Management LP increased its stake in shares of Royal Bank of Canada by 5.6% in the second quarter. 1832 Asset Management LP now owns 17,456,587 shares of the financial services provider valued at $ 1,769,263,000 after acquiring an additional 933,365 shares in the last quarter. Finally, CIBC Asset Management Inc. increased its stake in Royal Bank of Canada shares by 3.9% in the first quarter. CIBC Asset Management Inc. now owns 15,896,536 shares of the financial services provider valued at $ 1,464,524,000 after acquiring an additional 597,819 shares during the last quarter. Institutional investors hold 40.73% of the shares of the company.

About the Royal Bank of Canada

Royal Bank of Canada offers banking and financial solutions. It operates in the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets and Business Support. The Personal and Commercial Banking segment offers a wide range of financial products and services in Canada.

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

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