Royal Bank of Canada (TSE:RY) Reaches New 52-Week High – Here’s Why

Royal Bank of Canada (TSE:RY) (NYSE:RY)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as C$265.10 and last traded at C$264.86, with a volume of 110139 shares changing hands. The stock had previously closed at C$260.59.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Raymond James Financial lowered shares of Royal Bank of Canada from a “moderate buy” rating to a “hold” rating and lifted their target price for the company from C$248.00 to C$265.50 in a research note on Tuesday, May 12th. National Bank Financial upped their price objective on shares of Royal Bank of Canada from C$257.00 to C$271.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. Jefferies Financial Group lifted their price target on Royal Bank of Canada from C$226.00 to C$232.00 in a research report on Wednesday, May 20th. TD upped their price objective on shares of Royal Bank of Canada from C$259.00 to C$267.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Finally, TD Securities decreased their price target on shares of Royal Bank of Canada from C$260.00 to C$259.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$253.19.

Royal Bank of Canada Trading Up 0.8%

The stock has a fifty day moving average of C$237.29 and a two-hundred day moving average of C$230.15. The stock has a market capitalization of C$367.36 billion, a price-to-earnings ratio of 18.14, a PEG ratio of 3.42 and a beta of 1.14.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its quarterly earnings data on Thursday, February 26th. The financial services provider reported C$4.08 earnings per share for the quarter. Royal Bank of Canada had a net margin of 20.88% and a return on equity of 15.37%. The firm had revenue of C$17.96 billion during the quarter. Equities analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 22nd were given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Thursday, April 23rd. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 42.58%.

Insider Activity at Royal Bank of Canada

In other news, Director David Ian Mckay sold 23,089 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total value of C$5,606,470.98. Following the completion of the transaction, the director owned 5,873 shares in the company, valued at C$1,426,081.86. This represents a 79.72% decrease in their ownership of the stock. Also, insider Katherine Gibson sold 462 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of C$242.82, for a total value of C$112,182.84. Following the transaction, the insider directly owned 290 shares of the company’s stock, valued at approximately C$70,417.80. This trade represents a 61.44% decrease in their position. Insiders have sold 29,110 shares of company stock worth $7,068,490 over the last 90 days.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.