Royal Bank of Canada Gets a Buy Rating from Scotiabank

By Carrie Williams

In a latest note to investors, a research analyst has provided a rating update for the Financial sector company, Royal Bank of Canada (TSX: RY). Scotiabank’s analyst Sumit Malhotra reiterates their Buy rating on the shares today.

According to TipRanks.com, Malhotra is a 5-star analyst with an average return of 12.0% and a 67.7% success rate. Malhotra covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Toronto Dominion Bank, and Royal Bank Of Canada.

Royal Bank of Canada has an analyst consensus of Moderate Buy, with a price target consensus of C$99.57.

Based on Royal Bank of Canada’s latest earnings report for the quarter ending January 31, the company posted quarterly revenue of C$11.45 billion and quarterly net profit of C$3.02 billion. In comparison, last year the company earned revenue of C$11.48 billion and had a net profit of C$2.56 billion.

Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, and Capital Markets. The Personal and Commercial Banking segment offers services including auto financing, and retail investment businesses. The Wealth Management segment provides investments services, trusts, banking, credit, and other wealth management solutions. The Insurance segment refers to a range of life, health, home, auto, travel, wealth, group, and reinsurance products. The Investor and Treasury Services segment offers services among institutional investing clients through asset servicing, custodial, advisory, financing and other services to safeguard assets, maximize liquidity and manage risk, and providing short term funding, and liquidity management. The Capital Markets segment refers to services among public and private companies, institutional investors, government and central banks such as corporate and investment banking, equity and debt origination and distribution, and structuring and trading. The company was founded by J. W. Merkell, Edward Kenny, T. C. Kinnear, James B. Duffus, William Cunard, John Tobin, George P. Mitchell and Jeremiah Northup in 1864 and is headquartered in Toronto, Canada.

The company’s shares closed last Tuesday at $93.47.