Royal Bank Of Canada (NYSE:RY) Sees Unusually-High Trading Volume – Here’s Why

Royal Bank Of Canada (NYSE:RY) (TSE:RY) saw strong trading volume on Friday . 2,600,176 shares traded hands during mid-day trading, an increase of 72% from the previous session’s volume of 1,511,103 shares.The stock last traded at $209.7570 and had previously closed at $208.46.

Analysts Set New Price Targets

A number of research firms have issued reports on RY. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Raymond James Financial downgraded Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 12th. TD Securities reissued a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Argus set a $225.00 price objective on Royal Bank Of Canada in a research note on Thursday, June 11th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Ten research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $225.00.

Royal Bank Of Canada Stock Performance

The company has a market capitalization of $289.44 billion, a PE ratio of 18.78, a PEG ratio of 1.67 and a beta of 0.80. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average price of $200.41 and a two-hundred day moving average price of $180.62.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.81 by $0.03. The business had revenue of $12.84 billion for the quarter, compared to analysts’ expectations of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The firm’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.12 EPS. Analysts predict that Royal Bank Of Canada will post 11.45 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be issued a $1.76 dividend. The ex-dividend date of this dividend is Monday, July 27th. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.4%. Royal Bank Of Canada’s payout ratio is currently 42.41%.

Hedge Funds Weigh In On Royal Bank Of Canada

Several hedge funds have recently bought and sold shares of the company. Harvest Fund Management Co. Ltd bought a new position in Royal Bank Of Canada in the 4th quarter valued at $25,000. Tradewinds Capital Management LLC purchased a new stake in shares of Royal Bank Of Canada in the fourth quarter worth $26,000. Key Financial Inc boosted its stake in Royal Bank Of Canada by 63.0% during the first quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock valued at $26,000 after buying an additional 63 shares during the period. Maseco LLP grew its position in Royal Bank Of Canada by 355.0% during the first quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock worth $29,000 after buying an additional 142 shares in the last quarter. Finally, Johnson Financial Group Inc. purchased a new position in Royal Bank Of Canada during the third quarter worth about $27,000. Hedge funds and other institutional investors 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.