Royal Bank Of Canada (NYSE:RY) Stock Price Breaks Above 200-Day Moving Average – Here’s Why

Royal Bank Of Canada (NYSE:RY) (TSE:RY)’s stock price crossed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $194.76 and traded as high as $197.13. Royal Bank Of Canada shares last traded at $196.4340, with a volume of 780,296 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts recently commented on RY shares. Keefe, Bruyette & Woods began coverage on Royal Bank Of Canada in a report on Friday, August 21st. They issued a “market perform” rating for the company. Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a report on Friday, August 28th. Weiss Ratings upgraded Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, July 29th. Argus set a $225.00 price objective on shares of Royal Bank Of Canada in a report on Thursday, June 11th. Finally, TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $225.00.

Royal Bank Of Canada Stock Down 0.4%

The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $263.62 billion, a P/E ratio of 16.66, a PEG ratio of 1.76 and a beta of 0.80. The firm’s fifty day moving average price is $205.82 and its 200-day moving average price is $194.98.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Thursday, August 27th. The financial services provider reported $3.07 EPS for the quarter, topping the consensus estimate of $2.89 by $0.18. The firm had revenue of $13.22 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Royal Bank Of Canada had a return on equity of 17.79% and a net margin of 16.17%. As a group, equities research analysts forecast that Royal Bank Of Canada will post 11.83 earnings per share for the current year.

Royal Bank Of Canada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Monday, October 26th will be paid a dividend of C$1.76 per share. The ex-dividend date of this dividend is Monday, October 26th. This represents a $7.04 annualized dividend and a yield of 3.7%. Royal Bank Of Canada’s dividend payout ratio (DPR) is currently 43.39%.

Institutional Investors Weigh In On Royal Bank Of Canada

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of Nova Scotia acquired a new position in shares of Royal Bank Of Canada in the 2nd quarter worth approximately $2,549,157,000. The Manufacturers Life Insurance Company lifted its stake in Royal Bank Of Canada by 2.1% during the first quarter. The Manufacturers Life Insurance Company now owns 12,130,512 shares of the financial services provider’s stock valued at $1,959,185,000 after purchasing an additional 250,859 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in Royal Bank Of Canada during the second quarter valued at approximately $2,275,797,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Royal Bank Of Canada during the second quarter worth approximately $2,260,820,000. Finally, Legal & General Group Plc acquired a new position in Royal Bank Of Canada in the second quarter worth approximately $1,645,758,000. 45.31% of the stock is currently owned by institutional investors.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company headquartered in Toronto, Canada. Founded in 1864, it operates under the RBC brand and serves individuals, businesses, institutional clients and governments.

RBC provides personal and commercial banking services, including deposit accounts, lending, mortgages, credit cards, payment solutions and financial advice. Its wealth management operations offer investment management, brokerage, trust, private banking and financial planning services to individuals, families and institutions.

Through RBC Capital Markets, the company provides investment banking, corporate banking, securities, sales and trading, and financial advisory services.