Royal Bank Of Canada (NYSE:RY) Reaches New 12-Month High – Here’s What Happened

Royal Bank Of Canada (NYSE:RY) (TSE:RY)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $185.16 and last traded at $184.7470, with a volume of 316054 shares traded. The stock had previously closed at $183.40.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Zacks Research lowered shares of Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Barclays reiterated an “overweight” rating on shares of Royal Bank Of Canada in a research report on Thursday, February 19th. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, May 4th. Raymond James Financial lowered shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. Finally, Weiss Ratings reiterated a “buy (b+)” rating on shares of Royal Bank Of Canada in a research report on Monday, May 4th. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Royal Bank Of Canada currently has a consensus rating of “Moderate Buy” and an average price target of $162.00.

Royal Bank Of Canada Trading Up 0.7%

The firm’s 50-day simple moving average is $170.77 and its 200-day simple moving average is $165.92. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $258.22 billion, a PE ratio of 17.68, a price-to-earnings-growth ratio of 1.38 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Thursday, February 26th. The financial services provider reported $2.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.81 by $0.13. Royal Bank Of Canada had a net margin of 15.28% and a return on equity of 17.12%. The business had revenue of $13.18 billion during the quarter, compared to analyst estimates of $12.60 billion. During the same period in the prior year, the business posted $3.62 earnings per share. The company’s revenue was up 4.4% on a year-over-year basis. Equities analysts expect that Royal Bank Of Canada will post 11.57 earnings per share for the current year.

Royal Bank Of Canada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Thursday, April 23rd will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.6%. The ex-dividend date is Thursday, April 23rd. Royal Bank Of Canada’s dividend payout ratio is presently 45.17%.

Institutional Trading of Royal Bank Of Canada

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Royal Bank Of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider’s stock valued at $11,529,165,000 after buying an additional 1,290,142 shares during the period. FIL Ltd boosted its position in Royal Bank Of Canada by 1.1% during the fourth quarter. FIL Ltd now owns 23,258,871 shares of the financial services provider’s stock valued at $3,965,133,000 after buying an additional 255,465 shares during the period. Norges Bank purchased a new stake in Royal Bank Of Canada during the fourth quarter valued at about $3,472,382,000. Bank of Nova Scotia boosted its position in Royal Bank Of Canada by 1.6% during the fourth quarter. Bank of Nova Scotia now owns 15,233,532 shares of the financial services provider’s stock valued at $2,596,904,000 after buying an additional 238,589 shares during the period. Finally, Geode Capital Management LLC boosted its position in Royal Bank Of Canada by 6.9% during the fourth quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider’s stock valued at $2,389,773,000 after buying an additional 882,253 shares during the period. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

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.