The IBD SmartSelect Composite Rating for Royal Bank of Canada increased from 94 to 96 Tuesday.
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The new score means the company is now outperforming 96% of all stocks in terms of the most important fundamental and technical stock-picking criteria. The top-performing stocks tend to have a 95 or better grade as they kick off a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.
Royal Bank of Canada has now climbed above a proper buy zone after breaking out from a 128.05 buy point in a cup without handle.
The stock has an 85 EPS Rating, which means its recent quarterly and annual earnings growth tops 85% of all stocks.
Its Accumulation/Distribution Rating of A shows heavy buying by institutional investors over the last 13 weeks.
In Q3, the company posted 18% earnings growth. Sales growth increased 16%, up from 11% in the prior quarter. That marks one quarter of accelerating revenue growth.
Royal Bank of Canada holds the No. 3 rank among its peers in the Banks-Money Centers industry group. Barclays ADR is the No. 1-ranked stock within the group.
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