Royal Bank Of Canada (NYSE:RY) Sets New 1-Year High – Still a Buy?

Royal Bank Of Canada (NYSE:RY) (TSE:RY)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $203.00 and last traded at $201.7040, with a volume of 519 shares trading hands. The stock had previously closed at $201.13.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Barclays reissued an “overweight” rating on shares of Royal Bank Of Canada in a report on Thursday, February 19th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $225.00.

Royal Bank Of Canada Stock Performance

The firm has a market capitalization of $280.80 billion, a price-to-earnings ratio of 18.15, a P/E/G ratio of 1.57 and a beta of 0.81. The company has a 50-day moving average price of $183.58 and a 200-day moving average price of $172.58. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its earnings results on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, beating the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.83% and a net margin of 15.92%.The firm had revenue of $12.84 billion for the quarter, compared to analysts’ expectations of $12.74 billion. During the same period last year, the firm earned $3.12 EPS. The firm’s revenue was up 11.4% compared to the same quarter last year. As a group, equities research analysts forecast that Royal Bank Of Canada will post 11.52 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be given a $1.76 dividend. The ex-dividend date is Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a yield of 3.5%. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s payout ratio is currently 42.41%.

Institutional Trading of Royal Bank Of Canada

A number of hedge funds and other institutional investors have recently made changes to their positions in RY. Rathbones Group PLC lifted its stake in shares of Royal Bank Of Canada by 4.5% in the 1st quarter. Rathbones Group PLC now owns 339,711 shares of the financial services provider’s stock worth $54,741,000 after acquiring an additional 14,697 shares during the period. Parallel Advisors LLC increased its stake in shares of Royal Bank Of Canada by 4.1% during the first quarter. Parallel Advisors LLC now owns 7,258 shares of the financial services provider’s stock valued at $1,174,000 after acquiring an additional 287 shares during the period. NewEdge Advisors LLC raised its holdings in Royal Bank Of Canada by 3.3% during the first quarter. NewEdge Advisors LLC now owns 37,881 shares of the financial services provider’s stock worth $6,128,000 after purchasing an additional 1,212 shares in the last quarter. Glenmede Trust Co. NA lifted its position in Royal Bank Of Canada by 12.7% in the first quarter. Glenmede Trust Co. NA now owns 2,483 shares of the financial services provider’s stock worth $402,000 after purchasing an additional 279 shares during the period. Finally, CTC Alternative Strategies Ltd. acquired a new stake in Royal Bank Of Canada in the first quarter worth approximately $210,000. 45.31% of the stock is currently owned by 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.