Royal Bank Of Canada (NYSE:RY) Reaches New 12-Month High – Should You Buy?

Royal Bank Of Canada (NYSE:RY) (TSE:RY) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $200.05 and last traded at $197.8170, with a volume of 2369098 shares traded. The stock had previously closed at $197.89.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RY. Barclays reissued an “overweight” rating on shares of Royal Bank Of Canada in a research report on Thursday, February 19th. Raymond James Financial cut Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 12th. Weiss Ratings upgraded Royal Bank Of Canada from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, June 1st. TD Securities restated a “buy” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $162.00.

Royal Bank Of Canada Stock Down 0.0%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market capitalization of $274.91 billion, a PE ratio of 17.77, a PEG ratio of 1.56 and a beta of 0.81. The business has a 50 day moving average of $180.65 and a two-hundred day moving average of $171.21.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.83% and a net margin of 15.92%.The firm had revenue of $12.84 billion during the quarter, compared to analysts’ expectations of $12.74 billion. During the same period in the prior year, the business posted $3.12 EPS. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. Analysts predict that Royal Bank Of Canada will post 11.52 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be paid a $1.76 dividend. This represents a $7.04 dividend on an annualized basis and a 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 dividend payout ratio (DPR) is 42.41%.

Institutional Investors Weigh In On Royal Bank Of Canada

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Florida Trust Wealth Management Co raised its stake in Royal Bank Of Canada by 2.8% in the fourth quarter. Florida Trust Wealth Management Co now owns 2,190 shares of the financial services provider’s stock valued at $373,000 after buying an additional 60 shares during the last quarter. Echo45 Advisors LLC raised its stake in Royal Bank Of Canada by 5.0% in the first quarter. Echo45 Advisors LLC now owns 1,258 shares of the financial services provider’s stock valued at $204,000 after buying an additional 60 shares during the last quarter. Fiduciary Financial Group LLC raised its stake in shares of Royal Bank Of Canada by 3.4% in the fourth quarter. Fiduciary Financial Group LLC now owns 1,879 shares of the financial services provider’s stock worth $320,000 after purchasing an additional 61 shares during the last quarter. Key Financial Inc raised 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 worth $26,000 after purchasing an additional 63 shares during the last quarter. Finally, Alta Capital Management LLC raised its stake in shares of Royal Bank Of Canada by 4.0% in the fourth quarter. Alta Capital Management LLC now owns 1,686 shares of the financial services provider’s stock worth $287,000 after purchasing an additional 65 shares during the last quarter. 45.31% of the stock is currently owned by hedge funds and other 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.