Royal Bank Of Canada (NYSE:RY) Sets New 52-Week High – Here’s What Happened

Shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $203.29 and last traded at $202.5110, with a volume of 2722271 shares trading hands. The stock had previously closed at $201.56.

Wall Street Analyst Weigh In

RY has been the topic of several research reports. TD Securities reissued a “buy” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research note on Thursday, June 11th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Finally, Raymond James Financial downgraded shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.00.

Royal Bank Of Canada Price Performance

The company has a 50 day moving average of $187.51 and a 200 day moving average of $174.54. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.70 and a current ratio of 0.82. The stock has a market capitalization of $281.16 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 1.61 and a beta of 0.81.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.81 by $0.03. The company had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.Royal Bank Of Canada’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.12 EPS. As a group, equities research analysts anticipate that Royal Bank Of Canada will post 11.45 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be issued a $1.76 dividend. This represents a $7.04 annualized dividend and a yield of 3.5%. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. Royal Bank Of Canada’s dividend payout ratio is 42.41%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RY. Harvest Fund Management Co. Ltd purchased a new stake in shares of Royal Bank Of Canada in the 4th quarter valued at approximately $25,000. Tradewinds Capital Management LLC purchased a new stake in shares of Royal Bank Of Canada during the 4th quarter worth $26,000. Key Financial Inc grew its stake in shares of Royal Bank Of Canada by 63.0% during the first quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 63 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in shares of Royal Bank Of Canada during the third quarter worth $27,000. Finally, Maseco LLP increased its holdings in Royal Bank Of Canada by 355.0% in the first quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock valued at $29,000 after buying an additional 142 shares during the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank Of Canada Company Profile

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.