Royal Bank of Canada (TSE:RY) Sets New 52-Week High – Time to Buy?

Royal Bank of Canada (TSE:RY) (NYSE:RY) shares hit a new 52-week high on Wednesday . The stock traded as high as C$249.87 and last traded at C$249.87, with a volume of 3761321 shares. The stock had previously closed at C$247.37.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on RY shares. TD increased their target price on shares of Royal Bank of Canada from C$259.00 to C$267.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Barclays increased their target price on shares of Royal Bank of Canada from C$244.00 to C$245.00 in a research note on Friday, February 27th. Jefferies Financial Group increased their target price on shares of Royal Bank of Canada from C$217.00 to C$220.00 in a research note on Wednesday, February 11th. Canaccord Genuity Group increased their target price on shares of Royal Bank of Canada from C$242.00 to C$255.00 and gave the stock a “buy” rating in a research note on Thursday, February 12th. Finally, Raymond James Financial downgraded shares of Royal Bank of Canada from a “moderate buy” rating to a “hold” rating and increased their target price for the stock from C$248.00 to C$265.50 in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of C$249.27.

Royal Bank of Canada Price Performance

The stock has a market cap of C$351.01 billion, a price-to-earnings ratio of 17.34, a P/E/G ratio of 3.42 and a beta of 1.14. The stock’s 50-day moving average is C$233.43 and its 200 day moving average is C$228.03.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings data on Thursday, February 26th. The financial services provider reported C$4.08 EPS for the quarter. The firm had revenue of C$17.96 billion during the quarter. Royal Bank of Canada had a net margin of 20.88% and a return on equity of 15.37%. Analysts anticipate that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Royal Bank of Canada Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Friday, May 22nd will be given a $1.64 dividend. The ex-dividend date is Thursday, April 23rd. This represents a $6.56 dividend on an annualized basis and a yield of 2.6%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 42.58%.

Insider Transactions at Royal Bank of Canada

In related news, insider Bruce Washington Ross sold 3,657 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total value of C$887,992.74. Following the completion of the sale, the insider owned 235 shares in the company, valued at C$57,062.70. This trade represents a 93.96% decrease in their ownership of the stock. Also, insider Graeme Ashley Hepworth sold 1,463 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total transaction of C$355,245.66. Insiders have sold 29,110 shares of company stock valued at $7,068,490 over the last 90 days.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.