Royal Bank of Canada (NYSE:RY) Reaches New 1-Year High at $109.60

Royal Bank of Canada (NYSE:RY) (TSE:RY) hit a new 52-week high during trading on Wednesday . The stock traded as high as $109.60 and last traded at $109.31, with a volume of 223832 shares. The stock had previously closed at $107.52.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Scotiabank upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday. Argus raised their target price on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Jefferies Financial Group upgraded shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Finally, BMO Capital Markets downgraded shares of Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $133.25.

Royal Bank of Canada Price Performance

The business’s 50 day moving average is $104.61 and its two-hundred day moving average is $101.00. The firm has a market cap of $154.27 billion, a P/E ratio of 13.53, a P/E/G ratio of 1.72 and a beta of 0.86. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Thursday, May 30th. The financial services provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. Royal Bank of Canada had a net margin of 12.12% and a return on equity of 14.87%. The business had revenue of $10.43 billion during the quarter, compared to the consensus estimate of $9.95 billion. As a group, analysts anticipate that Royal Bank of Canada will post 8.47 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Thursday, July 25th will be paid a $1.03 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.02. This represents a $4.12 annualized dividend and a yield of 3.78%. The ex-dividend date is Thursday, July 25th. Royal Bank of Canada’s payout ratio is 50.62%.

Institutional Investors Weigh In On Royal Bank of Canada

Several hedge funds and other institutional investors have recently bought and sold shares of RY. Canoe Financial LP grew its holdings in shares of Royal Bank of Canada by 11,061.2% during the fourth quarter. Canoe Financial LP now owns 151,142,403 shares of the financial services provider’s stock valued at $15,285,031,000 after buying an additional 149,788,224 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Royal Bank of Canada by 1.8% during the first quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider’s stock worth $5,618,566,000 after purchasing an additional 964,898 shares during the last quarter. TD Asset Management Inc boosted its holdings in Royal Bank of Canada by 21.7% during the fourth quarter. TD Asset Management Inc now owns 32,571,491 shares of the financial services provider’s stock worth $3,310,010,000 after purchasing an additional 5,810,077 shares during the last quarter. Bank of Nova Scotia boosted its holdings in Royal Bank of Canada by 5.1% during the fourth quarter. Bank of Nova Scotia now owns 28,024,917 shares of the financial services provider’s stock worth $2,834,219,000 after purchasing an additional 1,357,956 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Royal Bank of Canada by 5.4% during the fourth quarter. Mackenzie Financial Corp now owns 26,869,809 shares of the financial services provider’s stock worth $2,718,631,000 after purchasing an additional 1,369,723 shares during the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.