Royal Bank Of Canada (NYSE:RY) Hits New 12-Month High – What’s Next?

Royal Bank Of Canada (NYSE:RY) (TSE:RY)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $203.29 and last traded at $202.5110, with a volume of 2722271 shares trading hands. The stock had previously closed at $201.56.

Analysts Set New Price Targets

RY has been the topic of a number of analyst reports. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Raymond James Financial downgraded Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. TD Securities reissued a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Finally, Weiss Ratings upgraded Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Royal Bank Of Canada has a consensus rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Trading Up 0.5%

The firm has a market cap of $281.44 billion, a P/E ratio of 18.20, a price-to-earnings-growth ratio of 1.59 and a beta of 0.81. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The company’s fifty day moving average price is $186.32 and its two-hundred day moving average price is $173.93.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results 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 firm had revenue of $12.84 billion during the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.83%. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period last year, the firm posted $3.12 EPS. As a group, sell-side analysts predict that Royal Bank Of Canada will post 11.52 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RY. Vanguard Group Inc. grew its position in Royal Bank Of Canada by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider’s stock worth $11,529,165,000 after acquiring an additional 1,290,142 shares during the last quarter. FIL Ltd raised its position in Royal Bank Of Canada by 1.1% in the 4th quarter. FIL Ltd now owns 23,258,871 shares of the financial services provider’s stock valued at $3,965,133,000 after purchasing an additional 255,465 shares during the last quarter. Norges Bank bought a new position in Royal Bank Of Canada in the 4th quarter valued at $3,472,382,000. Bank of Nova Scotia boosted its stake in Royal Bank Of Canada by 1.6% in the fourth quarter. Bank of Nova Scotia now owns 15,233,532 shares of the financial services provider’s stock worth $2,596,904,000 after purchasing an additional 238,589 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Royal Bank Of Canada by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider’s stock worth $2,389,773,000 after purchasing an additional 882,253 shares in the last quarter. 45.31% of the stock is 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.