Royal Bank of Canada (TSE:RY) Hits New 12-Month High – Still a Buy?

Royal Bank of Canada (TSE:RY) (NYSE:RY)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as C$265.10 and last traded at C$264.86, with a volume of 110139 shares traded. The stock had previously closed at C$260.59.

Wall Street Analyst Weigh In

RY has been the subject of a number of analyst reports. Desjardins lifted their price objective on Royal Bank of Canada from C$250.00 to C$262.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Scotiabank upped their price objective on Royal Bank of Canada from C$247.00 to C$252.00 and gave the stock a “sector outperform” rating in a report on Monday, May 4th. TD Securities reduced their target price on Royal Bank of Canada from C$260.00 to C$259.00 and set a “buy” rating for the company in a report on Friday, February 27th. Canaccord Genuity Group boosted their target price on shares of Royal Bank of Canada from C$260.00 to C$270.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Finally, Canadian Imperial Bank of Commerce increased their price target on shares of Royal Bank of Canada from C$242.00 to C$258.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$253.19.

Royal Bank of Canada Stock Up 0.8%

The business has a 50 day moving average of C$237.29 and a 200 day moving average of C$230.15. The firm has a market cap of C$367.36 billion, a price-to-earnings ratio of 18.14, a price-to-earnings-growth ratio of 3.42 and a beta of 1.14.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its quarterly earnings results on Thursday, February 26th. The financial services provider reported C$4.08 earnings per share (EPS) for the quarter. The firm had revenue of C$17.96 billion for the quarter. Royal Bank of Canada had a return on equity of 15.37% and a net margin of 20.88%. Research analysts predict 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 announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 22nd were paid a $1.64 dividend. The ex-dividend date was Thursday, April 23rd. This represents a $6.56 annualized dividend and a dividend yield of 2.5%. Royal Bank of Canada’s dividend payout ratio is 42.58%.

Insider Transactions at Royal Bank of Canada

In other news, Director David Ian Mckay sold 23,089 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total value of C$5,606,470.98. Following the completion of the sale, the director owned 5,873 shares of the company’s stock, valued at approximately C$1,426,081.86. The trade was a 79.72% decrease in their position. Also, insider Bruce Washington Ross sold 3,657 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of C$242.82, for a total transaction of C$887,992.74. Following the sale, the insider directly owned 235 shares in the company, valued at C$57,062.70. This trade represents a 93.96% decrease in their ownership of the stock. Insiders sold a total of 29,110 shares of company stock valued at $7,068,490 over the last ninety days.

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.