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

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 $185.16 and last traded at $184.7470, with a volume of 316054 shares trading hands. The stock had previously closed at $183.40.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Zacks Research downgraded shares of Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a research note on Monday, May 4th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Royal Bank Of Canada in a research note on Monday, May 4th. Raymond James Financial downgraded shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 12th. Finally, Barclays reaffirmed an “overweight” rating on shares of Royal Bank Of Canada in a research note on Thursday, February 19th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $162.00.

Royal Bank Of Canada Trading Up 0.7%

The company has a market capitalization of $258.22 billion, a P/E ratio of 17.68, a P/E/G ratio of 1.38 and a beta of 0.80. The stock’s 50 day moving average is $170.77 and its 200-day moving average is $165.92. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings results on Thursday, February 26th. The financial services provider reported $2.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.81 by $0.13. Royal Bank Of Canada had a net margin of 15.28% and a return on equity of 17.12%. The company had revenue of $13.18 billion during the quarter, compared to the consensus estimate of $12.60 billion. During the same period in the prior year, the firm earned $3.62 earnings per share. Royal Bank Of Canada’s revenue was up 4.4% on a year-over-year basis. As a group, equities research analysts anticipate that Royal Bank Of Canada will post 11.57 earnings per share for the current year.

Royal Bank Of Canada Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Thursday, April 23rd will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Thursday, April 23rd. Royal Bank Of Canada’s dividend payout ratio is presently 45.17%.

Hedge Funds Weigh In On Royal Bank Of Canada

A number of institutional investors have recently bought and sold shares of RY. Harvest Fund Management Co. Ltd bought a new position in Royal Bank Of Canada in the fourth quarter worth about $25,000. Tradewinds Capital Management LLC bought a new position in Royal Bank Of Canada in the fourth quarter worth about $26,000. Key Financial Inc raised its stake in 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 worth $26,000 after buying an additional 63 shares in the last quarter. Johnson Financial Group Inc. bought a new position in Royal Bank Of Canada in the third quarter worth about $27,000. Finally, Maseco LLP raised its stake in Royal Bank Of Canada by 355.0% in the first quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock worth $29,000 after buying an additional 142 shares in the last quarter. 45.31% of the stock is owned by institutional investors.

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.