Royal Bank Of Canada (NYSE:RY) Sees Large Increase in Short Interest

Royal Bank Of Canada (NYSE:RY) (TSE:RY) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 6,095,117 shares, an increase of 140.9% from the September 15th total of 2,530,636 shares. Approximately 0.4% of the company’s stock are sold short. Based on an average daily trading volume, of 1,080,834 shares, the short-interest ratio is presently 5.6 days.

Analysts Set New Price Targets

Several research firms have weighed in on RY. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research note on Friday, August 28th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 19th. Barclays restated an “overweight” rating on shares of Royal Bank Of Canada in a report on Friday, August 21st. TD Securities reissued a “buy” rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. Finally, Weiss Ratings raised shares of Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $225.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company bought a new stake in shares of Royal Bank Of Canada during the 2nd quarter valued at $2,296,717,000. Legal & General Group Plc purchased a new position in Royal Bank Of Canada in the 2nd quarter worth approximately $1,645,758,000. M. Kulyk & Associates LLC purchased a new position in Royal Bank Of Canada in the 2nd quarter worth approximately $2,953,000. Korea Investment CORP purchased a new stake in Royal Bank Of Canada during the 2nd quarter valued at approximately $175,489,000. Finally, Nykredit A S bought a new stake in Royal Bank Of Canada in the 2nd quarter valued at $57,183,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank Of Canada Stock Performance

NYSE:RY opened at $193.75 on Thursday. The firm’s 50-day moving average is $204.10 and its 200-day moving average is $196.09. The company has a market cap of $268.14 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 1.75 and a beta of 0.80. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.81. Royal Bank Of Canada has a 52-week low of $143.38 and a 52-week high of $218.57.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Thursday, August 27th. The financial services provider reported $3.07 EPS for the quarter, beating the consensus estimate of $2.89 by $0.18. Royal Bank Of Canada had a return on equity of 17.79% and a net margin of 16.17%. The firm had revenue of $13.22 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Equities research analysts anticipate that Royal Bank Of Canada will post 11.83 earnings per share for the current year.

Royal Bank Of Canada Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Monday, October 26th will be paid a dividend of C$1.76 per share. This represents a $7.04 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, October 26th. Royal Bank Of Canada’s dividend payout ratio is currently 43.39%.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company headquartered in Toronto, Canada. Founded in 1864, it operates under the RBC brand and serves individuals, businesses, institutional clients and governments.

RBC provides personal and commercial banking services, including deposit accounts, lending, mortgages, credit cards, payment solutions and financial advice. Its wealth management operations offer investment management, brokerage, trust, private banking and financial planning services to individuals, families and institutions.

Through RBC Capital Markets, the company provides investment banking, corporate banking, securities, sales and trading, and financial advisory services.