Royal Bank of Canada (NYSE:RY) Raised to “Sector Outperform” at CIBC

Royal Bank of Canada (NYSE:RY) (TSE:RY) was upgraded by investment analysts at CIBC from a “neutral” rating to a “sector outperform” rating in a report released on Thursday, November 21st, MarketBeat Ratings reports. The brokerage presently has a $120.00 price target on the financial services provider’s stock, up from their prior price target of $109.00. CIBC’s price objective would indicate a potential upside of 51.52% from the company’s previous close.

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A number of other research firms have also recently commented on RY. Scotiabank reissued a “buy” rating on shares of Royal Bank of Canada in a research note on Tuesday, August 20th. Barclays reiterated a “sell” rating on shares of Royal Bank of Canada in a research report on Wednesday, August 21st. Zacks Investment Research lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, ValuEngine cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $107.20.

Shares of RY stock traded down $0.26 during trading hours on Thursday, reaching $79.20. The stock had a trading volume of 1,042,418 shares, compared to its average volume of 910,055. The firm has a market capitalization of $113.31 billion, a PE ratio of 12.13, a PEG ratio of 2.07 and a beta of 1.11. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13. The stock’s fifty day simple moving average is $81.55 and its 200 day simple moving average is $79.01. Royal Bank of Canada has a 12 month low of $65.76 and a 12 month high of $82.58.

A number of institutional investors and hedge funds have recently made changes to their positions in RY. Coastal Capital Group Inc. bought a new position in shares of Royal Bank of Canada in the second quarter worth about $28,000. Capital Advisors Ltd. LLC purchased a new position in Royal Bank of Canada in the 2nd quarter worth approximately $32,000. Balentine LLC grew its holdings in Royal Bank of Canada by 36.2% during the 3rd quarter. Balentine LLC now owns 549 shares of the financial services provider’s stock valued at $45,000 after buying an additional 146 shares in the last quarter. Boston Partners bought a new stake in shares of Royal Bank of Canada during the second quarter valued at approximately $50,000. Finally, Winslow Evans & Crocker Inc. lifted its holdings in shares of Royal Bank of Canada by 34.3% in the second quarter. Winslow Evans & Crocker Inc. now owns 806 shares of the financial services provider’s stock worth $64,000 after buying an additional 206 shares in the last quarter. Institutional investors and hedge funds own 42.02% 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 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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Analyst Recommendations for Royal Bank of Canada (NYSE:RY)

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