Royal Bank Of Canada (NYSE:RY) Hits New 1-Year High – Time to Buy?

Shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $204.90 and last traded at $204.54, with a volume of 502853 shares changing hands. The stock had previously closed at $202.85.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RY. TD Securities restated a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Weiss Ratings upgraded Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, June 15th. Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Finally, Raymond James Financial cut Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Royal Bank Of Canada presently has an average rating of “Moderate Buy” and an average price target of $225.00.

Royal Bank Of Canada Stock Up 0.7%

The company has a debt-to-equity ratio of 0.10, a current ratio of 0.82 and a quick ratio of 0.82. The firm’s 50-day moving average price is $188.63 and its 200 day moving average price is $175.11. The firm has a market capitalization of $283.93 billion, a price-to-earnings ratio of 18.37, a price-to-earnings-growth ratio of 1.61 and a beta of 0.81.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.81 by $0.03. The firm had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.Royal Bank Of Canada’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.12 EPS. Sell-side analysts expect that Royal Bank Of Canada will post 11.45 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be paid a dividend of $1.76 per share. The ex-dividend date of this dividend is Monday, July 27th. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.4%. Royal Bank Of Canada’s dividend payout ratio is 42.41%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ravenstone Capital Management Inc. boosted its stake in shares of Royal Bank Of Canada by 0.9% during the 1st quarter. Ravenstone Capital Management Inc. now owns 74,328 shares of the financial services provider’s stock worth $11,978,000 after purchasing an additional 630 shares during the last quarter. Western Wealth Management LLC raised its position in shares of Royal Bank Of Canada by 16.8% in the first quarter. Western Wealth Management LLC now owns 2,046 shares of the financial services provider’s stock valued at $331,000 after buying an additional 294 shares during the last quarter. Rathbones Group PLC raised its position in shares of Royal Bank Of Canada by 4.5% in the first quarter. Rathbones Group PLC now owns 339,711 shares of the financial services provider’s stock valued at $54,741,000 after buying an additional 14,697 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Royal Bank Of Canada by 4.1% during the first quarter. Parallel Advisors LLC now owns 7,258 shares of the financial services provider’s stock valued at $1,174,000 after buying an additional 287 shares during the period. Finally, NewEdge Advisors LLC lifted its stake in shares of Royal Bank Of Canada by 3.3% during the first quarter. NewEdge Advisors LLC now owns 37,881 shares of the financial services provider’s stock valued at $6,128,000 after buying an additional 1,212 shares during the period. 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.