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

Shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) hit a new 52-week high during trading on Friday . The stock traded as high as $195.53 and last traded at $194.3290, with a volume of 300112 shares traded. The stock had previously closed at $194.97.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RY. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Weiss Ratings raised shares of Royal Bank Of Canada from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Raymond James Financial lowered shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $162.00.

Royal Bank Of Canada Trading Down 0.1%

The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The firm’s 50 day simple moving average is $177.72 and its 200-day simple moving average is $169.85. The company has a market capitalization of $272.35 billion, a PE ratio of 17.52, a P/E/G ratio of 1.50 and a beta of 0.81.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $12.84 billion during the quarter, compared to the consensus estimate of $12.74 billion. During the same period in the previous year, the firm earned $3.12 earnings per share. Royal Bank Of Canada’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, equities research analysts anticipate that Royal Bank Of Canada will post 11.52 EPS for the current 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 annualized dividend and a dividend yield of 3.6%. This is a boost 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 payout ratio is currently 45.82%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RY. Harvest Fund Management Co. Ltd purchased a new position in shares of Royal Bank Of Canada in the fourth quarter valued at $25,000. Tradewinds Capital Management LLC purchased a new position in shares of Royal Bank Of Canada in the fourth quarter valued at $26,000. Key Financial Inc boosted its stake in shares of Royal Bank Of Canada by 63.0% in the first quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 63 shares during the period. Johnson Financial Group Inc. purchased a new position in shares of Royal Bank Of Canada in the third quarter valued at $27,000. Finally, Maseco LLP boosted its stake in shares of Royal Bank Of Canada by 355.0% in the first quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 142 shares during the period. 45.31% of the stock is currently 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.