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

Royal Bank Of Canada (NYSE:RY) (TSE:RY) reached a new 52-week high during trading on Friday . The company traded as high as $195.53 and last traded at $194.3290, with a volume of 300112 shares trading hands. The stock had previously closed at $194.97.

Analysts Set New Price Targets

A number of research analysts have commented on RY shares. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Weiss Ratings upgraded shares of Royal Bank Of Canada from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. 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. Finally, Barclays reiterated an “overweight” rating on shares of Royal Bank Of Canada in a research note on Thursday, February 19th. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Royal Bank Of Canada has a consensus rating of “Moderate Buy” and a consensus price target of $162.00.

Royal Bank Of Canada Stock Down 0.1%

The company has a market capitalization of $272.35 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 1.50 and a beta of 0.81. The stock’s fifty day simple moving average is $177.72 and its two-hundred day simple moving average is $169.85. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.81 by $0.03. The company had revenue of $12.84 billion for the quarter, compared to analysts’ expectations of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.83%. The firm’s revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the company earned $3.12 earnings per share. On average, sell-side analysts predict that Royal Bank Of Canada will post 11.52 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be issued a dividend of $1.76 per share. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.6%. 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 currently 45.82%.

Institutional Trading of Royal Bank Of Canada

Large investors have recently modified their holdings of the company. Harvest Fund Management Co. Ltd acquired a new stake in shares of Royal Bank Of Canada in the 4th quarter worth about $25,000. Tradewinds Capital Management LLC acquired a new stake in shares of Royal Bank Of Canada in the 4th quarter worth about $26,000. Key Financial Inc increased its holdings in shares of Royal Bank Of Canada by 63.0% in the 1st quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 63 shares during the period. Maseco LLP increased its holdings in shares of Royal Bank Of Canada by 355.0% in the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 142 shares during the period. Finally, Johnson Financial Group Inc. acquired a new stake in shares of Royal Bank Of Canada in the 3rd quarter worth about $27,000. 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.