Desjardins Lowers Royal Bank of Canada (NYSE:RY) to Hold

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Desjardins lowered shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) from a buy rating to a hold rating in a research report sent to investors on Wednesday, The Fly reports.

A number of other research firms have also commented on RY. Scotiabank reaffirmed a buy rating on shares of Royal Bank of Canada in a research report on Tuesday, August 20th. ValuEngine lowered Royal Bank of Canada from a hold rating to a sell rating in a research report on Thursday, September 5th. CIBC raised Royal Bank of Canada from a neutral rating to a sector outperform rating and boosted their target price for the company from $109.00 to $120.00 in a research note on Thursday, November 21st. Zacks Investment Research cut Royal Bank of Canada from a hold rating to a sell rating in a research note on Thursday, November 21st. Finally, Barclays restated a sell rating on shares of Royal Bank of Canada in a report on Wednesday, August 21st. Three research analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $108.50.

Shares of NYSE RY traded down $0.46 during trading hours on Wednesday, hitting $79.06. The company’s stock had a trading volume of 43,316 shares, compared to its average volume of 907,976. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market cap of $113.77 billion, a price-to-earnings ratio of 12.11, a P/E/G ratio of 2.07 and a beta of 1.11. Royal Bank of Canada has a 12 month low of $65.76 and a 12 month high of $82.58. The business has a 50-day simple moving average of $81.62 and a 200-day simple moving average of $79.00.

A number of hedge funds have recently added to or reduced their stakes in the stock. Westside Investment Management Inc. purchased a new position in shares of Royal Bank of Canada during the 2nd quarter worth approximately $79,000. Ballentine Partners LLC lifted its position in Royal Bank of Canada by 5.7% during the second quarter. Ballentine Partners LLC now owns 5,358 shares of the financial services provider’s stock valued at $425,000 after buying an additional 287 shares during the period. Steward Partners Investment Advisory LLC bought a new stake in shares of Royal Bank of Canada during the 2nd quarter valued at $198,000. Wambolt & Associates LLC boosted its holdings in shares of Royal Bank of Canada by 34.6% during the 2nd quarter. Wambolt & Associates LLC now owns 5,415 shares of the financial services provider’s stock valued at $430,000 after buying an additional 1,392 shares in the last quarter. Finally, Ashburton Jersey Ltd bought a new stake in shares of Royal Bank of Canada during the 2nd quarter valued at $148,000. 42.02% of the stock is owned by institutional investors.

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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