Cibc World Mkts Upgrades Royal Bank of Canada (NYSE:RY) to Strong-Buy

Royal Bank of Canada (NYSE:RY) (TSE:RY) was upgraded by Cibc World Mkts from a “hold” rating to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

A number of other equities research analysts also recently issued reports on RY. CIBC raised Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research report on Friday. BMO Capital Markets decreased their price target on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. Finally, StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $156.50.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock opened at $111.13 on Thursday. The company has a 50-day simple moving average of $116.60 and a two-hundred day simple moving average of $120.71. Royal Bank of Canada has a twelve month low of $95.84 and a twelve month high of $128.05. The stock has a market capitalization of $156.88 billion, a price-to-earnings ratio of 13.45, a price-to-earnings-growth ratio of 1.80 and a beta of 0.82. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Ruggaard & Associates LLC increased its holdings in shares of Royal Bank of Canada by 1.8% during the fourth quarter. Ruggaard & Associates LLC now owns 4,685 shares of the financial services provider’s stock worth $565,000 after buying an additional 85 shares in the last quarter. Financial Management Professionals Inc. boosted its stake in shares of Royal Bank of Canada by 26.8% during the fourth quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider’s stock valued at $51,000 after purchasing an additional 90 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Royal Bank of Canada by 3.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,860 shares of the financial services provider’s stock worth $345,000 after purchasing an additional 90 shares during the last quarter. Ballentine Partners LLC increased its stake in shares of Royal Bank of Canada by 2.2% in the fourth quarter. Ballentine Partners LLC now owns 4,308 shares of the financial services provider’s stock valued at $519,000 after buying an additional 94 shares during the period. Finally, Richardson Financial Services Inc. raised its holdings in Royal Bank of Canada by 45.7% in the 4th quarter. Richardson Financial Services Inc. now owns 306 shares of the financial services provider’s stock valued at $37,000 after buying an additional 96 shares during the last quarter. Institutional investors and hedge funds 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.