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

Royal Bank Of Canada (NYSE:RY) (TSE:RY) shares hit a new 52-week high on Monday . The stock traded as high as $204.90 and last traded at $204.54, with a volume of 502853 shares trading hands. The stock had previously closed at $202.85.

Analysts Set New Price Targets

Several research firms have recently issued reports on RY. TD Securities restated a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Argus set a $225.00 target price on Royal Bank Of Canada in a research note on Thursday, June 11th. Weiss Ratings raised Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 15th. Raymond James Financial cut Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Stock Performance

The company has a market cap of $283.93 billion, a PE ratio of 18.37, a P/E/G ratio of 1.61 and a beta of 0.81. The stock’s 50 day simple moving average is $188.63 and its two-hundred day simple moving average is $175.11. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.81 by $0.03. The company had revenue of $12.84 billion during 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 17.68%. The business’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the company earned $3.12 EPS. As a group, research analysts anticipate that Royal Bank Of Canada will post 11.45 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be given a dividend of $1.76 per share. This represents a $7.04 dividend on an annualized basis and a yield of 3.4%. This is a boost 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 (DPR) is presently 42.41%.

Institutional Investors Weigh In On Royal Bank Of Canada

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ravenstone Capital Management Inc. raised its holdings in shares of Royal Bank Of Canada by 0.9% in the 1st quarter. Ravenstone Capital Management Inc. now owns 74,328 shares of the financial services provider’s stock worth $11,978,000 after purchasing an additional 630 shares during the period. Western Wealth Management LLC grew its holdings in shares of Royal Bank Of Canada by 16.8% during the 1st quarter. Western Wealth Management LLC now owns 2,046 shares of the financial services provider’s stock worth $331,000 after purchasing an additional 294 shares during the period. Rathbones Group PLC increased its position in Royal Bank Of Canada by 4.5% during the 1st quarter. Rathbones Group PLC now owns 339,711 shares of the financial services provider’s stock worth $54,741,000 after purchasing an additional 14,697 shares in the last quarter. Parallel Advisors LLC increased its position in Royal Bank Of Canada by 4.1% during the 1st quarter. Parallel Advisors LLC now owns 7,258 shares of the financial services provider’s stock worth $1,174,000 after purchasing an additional 287 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in Royal Bank Of Canada by 3.3% in the first quarter. NewEdge Advisors LLC now owns 37,881 shares of the financial services provider’s stock valued at $6,128,000 after buying an additional 1,212 shares during the period. 45.31% of the stock is currently owned by institutional investors and hedge funds.

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.