Royal Bank of Canada (NYSE:RY) Sets New 12-Month High – What’s Next?

Shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) reached a new 52-week high during trading on Monday . The company traded as high as $129.90 and last traded at $129.55, with a volume of 173572 shares traded. The stock had previously closed at $127.75.

Wall Street Analyst Weigh In

RY has been the topic of several research analyst reports. Wall Street Zen lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, May 31st. Cibc World Mkts raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 3rd. Barclays restated an “overweight” rating on shares of Royal Bank of Canada in a report on Monday, June 9th. Scotiabank initiated coverage on Royal Bank of Canada in a report on Thursday, May 15th. They set a “sector outperform” rating for the company. Finally, National Bank Financial lowered Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $193.00.

Royal Bank of Canada Price Performance

The firm has a market cap of $181.87 billion, a P/E ratio of 15.61, a P/E/G ratio of 1.80 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The business’s 50 day moving average is $121.79 and its two-hundred day moving average is $119.89.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Thursday, May 29th. The financial services provider reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.05). The firm had revenue of $11.38 billion during the quarter, compared to the consensus estimate of $15.77 billion. Royal Bank of Canada had a net margin of 12.08% and a return on equity of 15.26%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.92 earnings per share. As a group, analysts anticipate that Royal Bank of Canada will post 9.16 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, July 24th will be given a dividend of $1.1152 per share. This represents a $4.46 dividend on an annualized basis and a dividend yield of 3.46%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. The ex-dividend date is Thursday, July 24th. Royal Bank of Canada’s dividend payout ratio is presently 49.78%.

Institutional Investors Weigh In On Royal Bank of Canada

Institutional investors and hedge funds have recently made changes to their positions in the business. Modern Wealth Management LLC bought a new position in Royal Bank of Canada during the 1st quarter valued at $298,000. Turn8 Private Wealth Inc. increased its position in Royal Bank of Canada by 13.3% in the first quarter. Turn8 Private Wealth Inc. now owns 31,052 shares of the financial services provider’s stock worth $3,499,000 after buying an additional 3,644 shares during the last quarter. Acadian Asset Management LLC raised its stake in Royal Bank of Canada by 84.1% in the 1st quarter. Acadian Asset Management LLC now owns 273,644 shares of the financial services provider’s stock valued at $30,810,000 after acquiring an additional 125,044 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Royal Bank of Canada by 6.1% in the first quarter. Geneos Wealth Management Inc. now owns 3,766 shares of the financial services provider’s stock valued at $425,000 after purchasing an additional 218 shares during the period. Finally, Intech Investment Management LLC lifted its position in shares of Royal Bank of Canada by 22.6% during the first quarter. Intech Investment Management LLC now owns 126,753 shares of the financial services provider’s stock worth $14,276,000 after acquiring an additional 23,360 shares in the last quarter. Institutional investors and hedge funds own 45.31% 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 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.