TD Securities Downgrades Royal Bank of Canada (NYSE:RY) to Hold

TD Securities lowered shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a buy rating to a hold rating in a research note issued to investors on Friday, Marketbeat reports.

Other research analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. BMO Capital Markets lifted their price target on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada Price Performance

Shares of NYSE RY traded down $0.92 on Friday, hitting $121.47. The company’s stock had a trading volume of 1,969,208 shares, compared to its average volume of 1,096,290. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a 50 day moving average of $123.37 and a 200-day moving average of $113.72. Royal Bank of Canada has a 12-month low of $85.02 and a 12-month high of $126.96. The company has a market capitalization of $171.72 billion, a price-to-earnings ratio of 14.69, a price-to-earnings-growth ratio of 1.89 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. The firm had revenue of $10.68 billion for the quarter, compared to analyst estimates of $10.40 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. As a group, research analysts predict that Royal Bank of Canada will post 8.88 EPS for the current year.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be issued a $1.028 dividend. This represents a $4.11 annualized dividend and a yield of 3.39%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is 50.79%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new position in Royal Bank of Canada during the first quarter worth approximately $86,000. Avantax Advisory Services Inc. raised its position in shares of Royal Bank of Canada by 2.4% in the 1st quarter. Avantax Advisory Services Inc. now owns 5,225 shares of the financial services provider’s stock worth $527,000 after buying an additional 124 shares during the period. Bleakley Financial Group LLC boosted its holdings in Royal Bank of Canada by 3.4% in the first quarter. Bleakley Financial Group LLC now owns 5,299 shares of the financial services provider’s stock valued at $535,000 after acquiring an additional 174 shares during the last quarter. Orion Portfolio Solutions LLC grew its position in Royal Bank of Canada by 47.4% during the first quarter. Orion Portfolio Solutions LLC now owns 16,494 shares of the financial services provider’s stock valued at $1,664,000 after acquiring an additional 5,302 shares during the period. Finally, Nwam LLC increased its stake in Royal Bank of Canada by 6.1% during the first quarter. Nwam LLC now owns 3,746 shares of the financial services provider’s stock worth $378,000 after acquiring an additional 214 shares during the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

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.