Royal Bank of Canada (NYSE:RY) Upgraded to "Hold" at StockNews.com

StockNews.com upgraded shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY from a sell rating to a hold rating in a research report sent to investors on Friday.

Several other brokerages have also recently issued reports on RY. Cibc World Mkts upgraded Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 3rd. CIBC upgraded Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a research note on Friday, April 4th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Royal Bank of Canada currently has an average rating of "Buy" and an average target price of $156.50.

Royal Bank of Canada Trading Up 0.4%

Royal Bank of Canada stock traded up $0.45 during midday trading on Friday, reaching $120.73. 2,322,729 shares of the stock traded hands, compared to its average volume of 1,103,857. The company has a 50-day simple moving average of $115.04 and a two-hundred day simple moving average of $119.33. Royal Bank of Canada has a 12-month low of $102.44 and a 12-month high of $128.05. The firm has a market cap of $170.43 billion, a PE ratio of 14.62, a price-to-earnings-growth ratio of 1.80 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be paid a dividend of $1.0251 per share. This represents a $4.10 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada's payout ratio is 46.18%.

Institutional Investors Weigh In On Royal Bank of Canada

Several institutional investors have recently added to or reduced their stakes in RY. Park Square Financial Group LLC purchased a new stake in Royal Bank of Canada during the fourth quarter worth approximately $25,000. WealthTrak Capital Management LLC acquired a new position in Royal Bank of Canada during the fourth quarter worth approximately $28,000. Roxbury Financial LLC acquired a new position in Royal Bank of Canada during the fourth quarter worth approximately $29,000. Sunbelt Securities Inc. increased its position in Royal Bank of Canada by 2,272.7% during the first quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider's stock worth $29,000 after buying an additional 250 shares during the period. Finally, Optiver Holding B.V. acquired a new position in Royal Bank of Canada during the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 45.31% of the company's stock.

About Royal Bank of Canada

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.