Royal Bank Of Canada (NYSE:RY) Hits New 1-Year High – Here’s Why

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

Wall Street Analysts Forecast Growth

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

Royal Bank Of Canada Stock Performance

The firm’s fifty day moving average price is $186.32 and its 200-day moving average price is $173.93. 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 has a market cap of $281.44 billion, a P/E ratio of 18.20, a P/E/G ratio of 1.59 and a beta of 0.81.

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 EPS for the quarter, beating analysts’ consensus estimates of $2.81 by $0.03. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.83%. The business had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.74 billion. During the same quarter in the prior year, the business earned $3.12 earnings per share. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, research analysts forecast 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 declared a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be issued a $1.76 dividend. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. This represents a $7.04 annualized dividend and a yield of 3.5%. Royal Bank Of Canada’s payout ratio is currently 42.41%.

Institutional Trading of Royal Bank Of Canada

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

About Royal Bank Of Canada

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.