Royal Bank of Canada (NYSE:RY) (TSE:RY) had its price objective lifted by equities researchers at Scotiabank from $97.00 to $105.00 in a research report issued on Thursday, The Fly reports. The brokerage currently has an "outperform" rating on the financial services provider's stock. Scotiabank's price target points to a potential upside of 58.04% from the company's previous close.
Other equities research analysts have also issued reports about the stock. Canaccord Genuity increased their price objective on shares of Royal Bank of Canada from $86.50 to $95.00 and gave the company a "hold" rating in a report on Thursday. TD Securities reaffirmed a "buy" rating on shares of Royal Bank of Canada in a report on Friday, March 20th. Bank of America increased their price objective on shares of Royal Bank of Canada from $70.00 to $98.00 and gave the company a "buy" rating in a report on Wednesday, May 13th. CIBC reaffirmed a "buy" rating and set a $120.00 price objective on shares of Royal Bank of Canada in a report on Monday, February 24th. Finally, Barclays cut their target price on shares of Royal Bank of Canada from $81.00 to $80.00 and set an "underweight" rating for the company in a report on Monday, May 11th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of "Hold" and a consensus target price of $96.89.
RY traded down $0.53 during trading on Thursday, reaching $66.44. 547,952 shares of the company traded hands, compared to its average volume of 1,276,365. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.91 and a current ratio of 0.91. Royal Bank of Canada has a 12-month low of $49.55 and a 12-month high of $82.74. The firm has a fifty day simple moving average of $60.68 and a 200 day simple moving average of $72.39. The company has a market cap of $90.78 billion, a P/E ratio of 9.84, a PEG ratio of 2.28 and a beta of 0.88.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. National Pension Service lifted its position in Royal Bank of Canada by 1.1% in the first quarter. National Pension Service now owns 1,688,559 shares of the financial services provider's stock worth $147,192,000 after buying an additional 18,841 shares during the last quarter. 1832 Asset Management L.P. lifted its position in Royal Bank of Canada by 11.7% in the first quarter. 1832 Asset Management L.P. now owns 15,221,801 shares of the financial services provider's stock worth $921,712,000 after buying an additional 1,589,395 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Royal Bank of Canada by 7.9% in the first quarter. The Manufacturers Life Insurance Company now owns 11,059,863 shares of the financial services provider's stock worth $677,337,000 after buying an additional 812,062 shares during the last quarter. HighTower Advisors LLC lifted its position in Royal Bank of Canada by 0.6% in the first quarter. HighTower Advisors LLC now owns 88,418 shares of the financial services provider's stock worth $5,427,000 after buying an additional 498 shares during the last quarter. Finally, APG Asset Management N.V. lifted its position in Royal Bank of Canada by 5.3% in the first quarter. APG Asset Management N.V. now owns 1,133,124 shares of the financial services provider's stock worth $69,397,000 after buying an additional 56,975 shares during the last quarter. Institutional investors own 42.01% of the company's stock.
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 check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.
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6 Stocks to Help You Profit Off the Coronavirus PPE Boom
Every major global event brings with it changes to our national lexicon. Before the Covid-19 pandemic, few Americans knew what the initials PPE stood for. Today, virtually anyone knows that PPE stands for personal protective equipment.
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