Keefe, Bruyette & Woods Initiates Coverage on Royal Bank Of Canada (NYSE:RY)

Key Points

• Keefe, Bruyette & Woods initiated coverage of Royal Bank of Canada with a “market perform” rating.
• Analysts maintain an overall “Moderate Buy” consensus, with one Strong Buy, nine Buy, and five Hold ratings; the consensus price target is $225.
• RBC’s latest quarterly results modestly exceeded expectations, with EPS of $2.84 versus $2.81 expected and revenue of $12.84 billion, up 11.4% year over year.

Stock analysts at Keefe, Bruyette & Woods assumed coverage on shares of Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY in a research report issued on Friday. The firm set a "market perform" rating on the financial services provider's stock.

Several other equities research analysts have also recently commented on the company. Scotiabank reissued an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Argus set a $225.00 price target on Royal Bank Of Canada in a report on Thursday, June 11th. Raymond James Financial lowered Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 12th. Barclays reissued an "overweight" rating on shares of Royal Bank Of Canada in a report on Friday. Finally, Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Royal Bank Of Canada in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $225.00.

Royal Bank Of Canada Price Performance

Shares of RY traded up $2.46 during mid-day trading on Friday, hitting $207.67. 44,773 shares of the company traded hands, compared to its average volume of 1,490,129. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $287.96 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 1.64 and a beta of 0.80. The business has a 50-day moving average of $208.46 and a 200 day moving average of $186.53. Royal Bank Of Canada has a one year low of $135.97 and a one year high of $218.57.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The firm had revenue of $12.84 billion during the quarter, compared to analysts' expectations of $12.74 billion. During the same quarter in the previous year, the company posted $3.12 EPS. Royal Bank Of Canada's revenue was up 11.4% on a year-over-year basis. As a group, equities analysts expect that Royal Bank Of Canada will post 11.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Royal Bank Of Canada

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RY. Norges Bank acquired a new position in Royal Bank Of Canada during the fourth quarter valued at approximately $3,472,382,000. Bank of Nova Scotia bought a new stake in Royal Bank Of Canada in the second quarter valued at approximately $2,549,157,000. The Manufacturers Life Insurance Company acquired a new stake in Royal Bank Of Canada in the second quarter worth $2,296,717,000. Canada Pension Plan Investment Board acquired a new stake in Royal Bank Of Canada in the second quarter worth $2,275,797,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Royal Bank Of Canada in the second quarter worth $2,260,820,000. Institutional investors own 45.31% of the company's stock.

Royal Bank Of Canada Company Profile

Royal Bank of Canada NYSE: RY is a diversified financial services company and one of Canada's largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.

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