Credit Suisse Group Lowers Royal Bank of Canada (NYSE:RY) Price Target to C$152.00

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) had its price target cut by analysts at Credit Suisse Group from C$153.00 to C$152.00 in a research report issued to clients and investors on Friday, The Fly reports.

Other equities research analysts have also issued reports about the stock. CIBC upgraded shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research report on Monday, April 11th. Canaccord Genuity Group lowered shares of Royal Bank of Canada from a “buy” rating to a “hold” rating and boosted their target price for the stock from $141.00 to $148.00 in a research report on Monday, February 7th. Zacks Investment Research lowered shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, February 25th. Scotiabank decreased their price objective on shares of Royal Bank of Canada from C$150.00 to C$147.00 in a research report on Friday, May 20th. Finally, TD Securities decreased their price objective on shares of Royal Bank of Canada from C$150.00 to C$145.00 in a research report on Friday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $144.05.

RY traded up $1.99 during trading on Friday, hitting $102.68. The stock had a trading volume of 15,016 shares, compared to its average volume of 1,299,434. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market capitalization of $144.11 billion, a P/E ratio of 11.42, a PEG ratio of 2.06 and a beta of 0.90. The company’s 50-day moving average price is $105.41 and its 200 day moving average price is $107.37. Royal Bank of Canada has a twelve month low of $95.02 and a twelve month high of $119.41.

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last issued its earnings results on Thursday, February 24th. The financial services provider reported $2.28 EPS for the quarter, topping the consensus estimate of $2.15 by $0.13. The company had revenue of $10.37 billion for the quarter. Royal Bank of Canada had a net margin of 28.16% and a return on equity of 18.28%. As a group, equities analysts expect that Royal Bank of Canada will post 8.67 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of the stock. BOKF NA acquired a new stake in shares of Royal Bank of Canada during the 3rd quarter worth approximately $220,000. First Republic Investment Management Inc. raised its position in shares of Royal Bank of Canada by 26.3% during the third quarter. First Republic Investment Management Inc. now owns 21,523 shares of the financial services provider’s stock worth $2,141,000 after acquiring an additional 4,485 shares during the last quarter. Vident Investment Advisory LLC raised its position in shares of Royal Bank of Canada by 13.2% during the third quarter. Vident Investment Advisory LLC now owns 9,774 shares of the financial services provider’s stock worth $971,000 after acquiring an additional 1,138 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Royal Bank of Canada by 13.3% during the third quarter. Geode Capital Management LLC now owns 3,636,235 shares of the financial services provider’s stock worth $361,099,000 after acquiring an additional 427,847 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in Royal Bank of Canada by 1.6% in the third quarter. Oppenheimer & Co. Inc. now owns 18,924 shares of the financial services provider’s stock valued at $1,883,000 after purchasing an additional 298 shares during the last quarter. 41.50% of the stock is currently owned by institutional investors and hedge funds.

About Royal Bank of Canada (Get Rating)

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.

Further Reading

• Get a free copy of the StockNews.com research report on Royal Bank of Canada (RY)
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