Royal Bank of Canada (TSE:RY) Reaches New 52-Week High – Time to Buy?

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$240.40 and last traded at C$240.02, with a volume of 907694 shares trading hands. The stock had previously closed at C$239.00.

Analyst Ratings Changes

Several brokerages have issued reports on RY. Canaccord Genuity Group lifted their price target on shares of Royal Bank of Canada from C$242.00 to C$255.00 and gave the company a “buy” rating in a research note on Thursday, February 12th. Canadian Imperial Bank of Commerce lifted their price target on shares of Royal Bank of Canada from C$229.00 to C$242.00 and gave the company a “neutral” rating in a research note on Friday, February 13th. TD Securities lowered their price target on shares of Royal Bank of Canada from C$260.00 to C$259.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Raymond James Financial lifted their price objective on shares of Royal Bank of Canada from C$255.00 to C$260.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Finally, Scotiabank lifted their price objective on shares of Royal Bank of Canada from C$242.00 to C$247.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Royal Bank of Canada has an average rating of “Moderate Buy” and a consensus target price of C$244.58.

Royal Bank of Canada Stock Performance

The business’s 50-day moving average price is C$228.96 and its 200 day moving average price is C$222.55. The company has a market cap of C$335.82 billion, a P/E ratio of 16.56, a P/E/G ratio of 3.42 and a beta of 1.07.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings data on Thursday, February 26th. The financial services provider reported C$4.08 EPS for the quarter. Royal Bank of Canada had a net margin of 20.88% and a return on equity of 15.37%. The company had revenue of C$17.96 billion during the quarter. Equities research analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Friday, May 22nd will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Thursday, April 23rd. Royal Bank of Canada’s dividend payout ratio (DPR) is 42.58%.

Royal Bank of Canada Company Profile

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.