Royal Bank of Canada (NYSE:RY) Short Interest Update

Royal Bank of Canada (NYSE:RY) (TSE:RY) was the target of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 8,270,000 shares, an increase of 38.3% from the March 15th total of 5,980,000 shares. Based on an average daily volume of 1,330,000 shares, the days-to-cover ratio is currently 6.2 days. Currently, 0.6% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

RY has been the subject of a number of research analyst reports. CIBC raised shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a report on Friday, April 4th. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Finally, Cibc World Mkts raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $156.50.

Hedge Funds Weigh In On Royal Bank of Canada

Several institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its position in Royal Bank of Canada by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,548,041 shares of the financial services provider’s stock worth $427,589,000 after buying an additional 64,450 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Royal Bank of Canada during the 4th quarter valued at about $60,034,000. Wealth High Governance Capital Ltda bought a new position in Royal Bank of Canada in the 4th quarter worth $10,243,000. Jones Financial Companies Lllp lifted its position in shares of Royal Bank of Canada by 1,322.0% during the 4th quarter. Jones Financial Companies Lllp now owns 4,010 shares of the financial services provider’s stock worth $483,000 after purchasing an additional 3,728 shares during the last quarter. Finally, APG Asset Management N.V. grew its holdings in Royal Bank of Canada by 1,600.9% in the 4th quarter. APG Asset Management N.V. now owns 1,427,075 shares of the financial services provider’s stock valued at $166,084,000 after buying an additional 1,343,174 shares during the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

Shares of NYSE:RY opened at $116.14 on Friday. The stock has a fifty day moving average of $114.82 and a 200-day moving average of $119.84. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $163.95 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 1.80 and a beta of 0.82. Royal Bank of Canada has a one year low of $95.84 and a one year high of $128.05.

Royal Bank of Canada Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be given a $1.0251 dividend. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 annualized dividend and a dividend yield of 3.53%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 46.18%.

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.