Royal Bank Of Canada (NYSE:RY) Hits New 1-Year High – Should You Buy?
by Jessica Moore · The Cerbat GemRoyal Bank Of Canada (NYSE:RY – Get Free Report) (TSE:RY) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $172.38 and last traded at $171.7870, with a volume of 659284 shares. The stock had previously closed at $171.51.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. Erste Group Bank upgraded Royal Bank Of Canada from a “hold” rating to a “buy” rating in a report on Monday, September 22nd. Natl Bk Canada upgraded Royal Bank Of Canada from a “hold” rating to a “strong-buy” rating in a report on Monday, December 1st. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a report on Thursday, December 4th. Raymond James Financial began coverage on shares of Royal Bank Of Canada in a research report on Monday, November 24th. They set a “moderate buy” rating on the stock. Finally, Jefferies Financial Group cut shares of Royal Bank Of Canada from a “buy” rating to a “hold” rating in a research report on Tuesday, November 25th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Royal Bank Of Canada has an average rating of “Moderate Buy” and a consensus target price of $162.00.
Check Out Our Latest Stock Report on Royal Bank Of Canada
Royal Bank Of Canada Stock Performance
The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.11. The firm has a market cap of $240.59 billion, a P/E ratio of 17.13, a P/E/G ratio of 1.23 and a beta of 0.80. The business has a fifty day simple moving average of $155.37 and a 200-day simple moving average of $144.03.
Royal Bank Of Canada (NYSE:RY – Get Free Report) (TSE:RY) last released its earnings results on Wednesday, December 3rd. The financial services provider reported $2.76 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.25. The firm had revenue of $12.27 billion for the quarter, compared to the consensus estimate of $12.12 billion. Royal Bank Of Canada had a net margin of 14.83% and a return on equity of 16.83%. The company’s revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.07 EPS. On average, sell-side analysts predict that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.
Royal Bank Of Canada Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 24th. Shareholders of record on Monday, January 26th will be paid a dividend of $1.64 per share. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.54. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, January 26th. Royal Bank Of Canada’s payout ratio is 44.07%.
Institutional Trading of Royal Bank Of Canada
A number of hedge funds have recently made changes to their positions in RY. Canada Pension Plan Investment Board raised its holdings in Royal Bank Of Canada by 8.2% during the second quarter. Canada Pension Plan Investment Board now owns 6,867,900 shares of the financial services provider’s stock valued at $905,726,000 after acquiring an additional 521,132 shares during the period. Baskin Financial Services Inc. grew its position in shares of Royal Bank Of Canada by 3.3% during the second quarter. Baskin Financial Services Inc. now owns 64,946 shares of the financial services provider’s stock worth $8,558,000 after purchasing an additional 2,091 shares in the last quarter. Savant Capital LLC grew its position in shares of Royal Bank Of Canada by 37.8% during the second quarter. Savant Capital LLC now owns 11,590 shares of the financial services provider’s stock worth $1,525,000 after purchasing an additional 3,179 shares in the last quarter. Vontobel Holding Ltd. lifted its holdings in Royal Bank Of Canada by 289.6% in the 3rd quarter. Vontobel Holding Ltd. now owns 358,695 shares of the financial services provider’s stock worth $52,856,000 after purchasing an additional 266,636 shares in the last quarter. Finally, Vise Technologies Inc. bought a new position in Royal Bank Of Canada in the 2nd quarter worth approximately $2,780,000. 45.31% of the stock is owned by 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.