Royal Bank of Canada (NYSE:RY) Sets New 1-Year High at $116.64

Royal Bank of Canada (NYSE:RY) (TSE:RY)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $116.64 and last traded at $116.30, with a volume of 198068 shares changing hands. The stock had previously closed at $115.68.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RY. Argus increased their price target on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. UBS Group initiated coverage on Royal Bank of Canada in a report on Tuesday, July 2nd. They set a “buy” rating on the stock. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Jefferies Financial Group raised shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Finally, Scotiabank raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a report on Friday, May 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada has a consensus rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Trading Up 0.3 %

The stock has a 50 day simple moving average of $109.92 and a 200-day simple moving average of $104.19. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The firm has a market cap of $168.68 billion, a P/E ratio of 14.79, a P/E/G ratio of 1.75 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. The company had revenue of $10.68 billion during the quarter, compared to analysts’ expectations of $10.40 billion. Royal Bank of Canada had a return on equity of 14.87% and a net margin of 12.12%. On average, equities research analysts expect that Royal Bank of Canada will post 8.5 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be issued a $1.028 dividend. This represents a $4.11 annualized dividend and a yield of 3.45%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio is presently 51.49%.

Institutional Trading of Royal Bank of Canada

Several large investors have recently added to or reduced their stakes in RY. Cetera Investment Advisers boosted its stake in shares of Royal Bank of Canada by 27.9% during the 2nd quarter. Cetera Investment Advisers now owns 32,057 shares of the financial services provider’s stock worth $3,410,000 after acquiring an additional 7,000 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Royal Bank of Canada by 1.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 26,466 shares of the financial services provider’s stock valued at $2,815,000 after purchasing an additional 493 shares during the period. Creative Planning increased its position in shares of Royal Bank of Canada by 8.5% in the second quarter. Creative Planning now owns 198,718 shares of the financial services provider’s stock valued at $21,140,000 after buying an additional 15,554 shares in the last quarter. Kathmere Capital Management LLC raised its stake in shares of Royal Bank of Canada by 18.2% during the 2nd quarter. Kathmere Capital Management LLC now owns 3,524 shares of the financial services provider’s stock worth $375,000 after buying an additional 543 shares during the period. Finally, Arkos Global Advisors purchased a new position in shares of Royal Bank of Canada during the 2nd quarter valued at approximately $201,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.