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

Shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) hit a new 52-week high on Thursday . The company traded as high as $182.15 and last traded at $181.7020, with a volume of 749819 shares changing hands. The stock had previously closed at $178.48.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RY. Weiss Ratings restated a “buy (b+)” rating on shares of Royal Bank Of Canada in a research report on Monday. Zacks Research cut shares of Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Barclays reissued an “overweight” rating on shares of Royal Bank Of Canada in a research note on Thursday, February 19th. Raymond James Financial reissued an “outperform” rating on shares of Royal Bank Of Canada in a research note on Friday, February 13th. Finally, Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a research note on Monday. Eleven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $162.00.

Royal Bank Of Canada Trading Up 0.2%

The stock has a market cap of $253.93 billion, a PE ratio of 17.39, a PEG ratio of 1.36 and a beta of 0.80. The business has a 50-day moving average of $168.74 and a 200 day moving average of $164.21. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Thursday, February 26th. The financial services provider reported $2.94 EPS for the quarter, topping analysts’ consensus estimates of $2.81 by $0.13. The firm had revenue of $13.18 billion during the quarter, compared to analysts’ expectations of $12.60 billion. Royal Bank Of Canada had a return on equity of 17.12% and a net margin of 15.28%.The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.62 EPS. Equities research analysts predict that Royal Bank Of Canada will post 11.57 EPS for the current fiscal year.

Royal Bank Of Canada Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Thursday, April 23rd will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Thursday, April 23rd. Royal Bank Of Canada’s payout ratio is presently 45.17%.

Institutional Trading of Royal Bank Of Canada

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in Royal Bank Of Canada in the 4th quarter valued at about $3,472,382,000. Canerector Inc. grew its holdings in Royal Bank Of Canada by 20,412.0% in the 3rd quarter. Canerector Inc. now owns 13,332,800 shares of the financial services provider’s stock valued at $1,964,188,000 after buying an additional 13,267,800 shares during the period. Alberta Investment Management Corp purchased a new stake in Royal Bank Of Canada in the 4th quarter valued at about $324,237,000. Quadrature Capital Ltd grew its holdings in Royal Bank Of Canada by 603.1% in the 3rd quarter. Quadrature Capital Ltd now owns 1,746,400 shares of the financial services provider’s stock valued at $257,183,000 after buying an additional 1,498,000 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Royal Bank Of Canada by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 66,338,321 shares of the financial services provider’s stock valued at $9,777,472,000 after buying an additional 1,329,637 shares during the period. 45.31% of the stock is owned by hedge funds and other 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.