Royal Bank of Canada (NYSE:RY) Hits New 1-Year High at $124.46

Royal Bank of Canada (NYSE:RY) (TSE:RY)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $124.46 and last traded at $123.90, with a volume of 32477 shares traded. The stock had previously closed at $123.59.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. BMO Capital Markets upped their target price on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. UBS Group started coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They set a “buy” rating for the company. Finally, Argus raised their price target on Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada Stock Performance

The company has a market cap of $174.03 billion, a P/E ratio of 15.33, a price-to-earnings-growth ratio of 2.01 and a beta of 0.86. The business has a 50 day moving average price of $113.60 and a two-hundred day moving average price of $106.31. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be issued a $1.028 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a yield of 3.34%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 51.49%.

Institutional Trading of Royal Bank of Canada

Several large investors have recently bought and sold shares of RY. Mount Yale Investment Advisors LLC boosted its position in shares of Royal Bank of Canada by 1.6% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 5,823 shares of the financial services provider’s stock worth $619,000 after purchasing an additional 92 shares in the last quarter. Shell Asset Management Co. increased its holdings in shares of Royal Bank of Canada by 3.8% during the first quarter. Shell Asset Management Co. now owns 2,711 shares of the financial services provider’s stock valued at $274,000 after acquiring an additional 100 shares in the last quarter. HB Wealth Management LLC raised its position in shares of Royal Bank of Canada by 1.9% in the 2nd quarter. HB Wealth Management LLC now owns 5,287 shares of the financial services provider’s stock worth $562,000 after purchasing an additional 100 shares during the last quarter. Muirfield Wealth Advisors LLC boosted its stake in Royal Bank of Canada by 0.6% in the 2nd quarter. Muirfield Wealth Advisors LLC now owns 16,437 shares of the financial services provider’s stock worth $1,749,000 after purchasing an additional 101 shares in the last quarter. Finally, Sollinda Capital Management LLC lifted its stake in shares of Royal Bank of Canada by 2.8% in the second quarter. Sollinda Capital Management LLC now owns 3,674 shares of the financial services provider’s stock worth $391,000 after buying an additional 101 shares in the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.