Royal Bank Of Canada (NYSE:RY) Hits New 1-Year High – Here’s What Happened

Royal Bank Of Canada (NYSE:RY) (TSE:RY)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $132.43 and last traded at $132.26, with a volume of 517633 shares traded. The stock had previously closed at $131.55.

Analysts Set New Price Targets

RY has been the subject of a number of analyst reports. Scotiabank initiated coverage on Royal Bank Of Canada in a research report on Thursday, May 15th. They set a “sector outperform” rating for the company. National Bank Financial cut shares of Royal Bank Of Canada from an “outperform” rating to a “sector perform” rating in a research note on Friday, May 30th. CIBC reissued an “outperform” rating on shares of Royal Bank Of Canada in a research report on Tuesday, May 20th. 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. Finally, Barclays reissued an “overweight” rating on shares of Royal Bank Of Canada in a research report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $193.00.

Royal Bank Of Canada Stock Up 0.8%

The company’s 50 day simple moving average is $125.88 and its 200-day simple moving average is $120.33. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11. The firm has a market cap of $186.45 billion, a P/E ratio of 14.69, a PEG ratio of 1.50 and a beta of 0.89.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Thursday, May 29th. The financial services provider reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.05). Royal Bank Of Canada had a return on equity of 15.75% and a net margin of 13.37%. The company had revenue of $11.38 billion during the quarter, compared to analysts’ expectations of $15.77 billion. During the same quarter in the prior year, the business posted $2.92 EPS. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. Research analysts forecast that Royal Bank Of Canada will post 9.16 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, July 24th will be paid a $1.1152 dividend. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $1.03. This represents a $4.46 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend is Thursday, July 24th. Royal Bank Of Canada’s dividend payout ratio (DPR) is 45.67%.

Institutional Investors Weigh In On Royal Bank Of Canada

Large investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Royal Bank Of Canada in the 4th quarter worth $2,425,519,000. Goldman Sachs Group Inc. lifted its position in Royal Bank Of Canada by 129.9% during the first quarter. Goldman Sachs Group Inc. now owns 7,063,761 shares of the financial services provider’s stock valued at $796,227,000 after purchasing an additional 3,990,839 shares in the last quarter. Vanguard Group Inc. grew its holdings in Royal Bank Of Canada by 5.7% during the first quarter. Vanguard Group Inc. now owns 62,571,520 shares of the financial services provider’s stock valued at $7,048,307,000 after purchasing an additional 3,387,971 shares during the period. Canada Pension Plan Investment Board increased its position in Royal Bank Of Canada by 104.6% in the first quarter. Canada Pension Plan Investment Board now owns 6,346,768 shares of the financial services provider’s stock worth $715,043,000 after buying an additional 3,244,266 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Royal Bank Of Canada by 31.2% in the fourth quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider’s stock worth $1,027,061,000 after buying an additional 1,991,364 shares during the period. 45.31% of the stock is currently 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 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.