Royal Bank Of Canada (NYSE:RY) Reaches New 12-Month High – Time to Buy?

Royal Bank Of Canada (NYSE:RY) (TSE:RY)’s share price reached a new 52-week high on Monday . The stock traded as high as $211.39 and last traded at $211.7310, with a volume of 848389 shares traded. The stock had previously closed at $211.09.

Wall Street Analyst Weigh In

Several equities research analysts have commented on RY shares. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Weiss Ratings downgraded Royal Bank Of Canada from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Monday, June 29th. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Finally, Argus set a $225.00 price objective on Royal Bank Of Canada in a research report on Thursday, June 11th. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Stock Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market cap of $294.62 billion, a PE ratio of 19.07, a price-to-earnings-growth ratio of 1.67 and a beta of 0.80. The company’s 50 day moving average price is $194.71 and its 200-day moving average price is $177.97.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The business had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.74 billion. During the same period in the prior year, the company earned $3.12 earnings per share. Royal Bank Of Canada’s revenue was up 11.4% compared to the same quarter last year. Equities research analysts anticipate that Royal Bank Of Canada will post 11.45 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be paid a dividend of $1.76 per share. This represents a $7.04 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, July 27th. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s dividend payout ratio is currently 44.47%.

Institutional Investors Weigh In On Royal Bank Of Canada

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RY. Harvest Fund Management Co. Ltd purchased a new position in shares of Royal Bank Of Canada in the fourth quarter worth about $25,000. Tradewinds Capital Management LLC purchased a new stake in shares of Royal Bank Of Canada during the 4th quarter valued at approximately $26,000. Key Financial Inc boosted its holdings in Royal Bank Of Canada by 63.0% in the 1st quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock worth $26,000 after buying an additional 63 shares during the period. Johnson Financial Group Inc. purchased a new position in Royal Bank Of Canada in the 3rd quarter valued at approximately $27,000. Finally, Maseco LLP grew its stake in Royal Bank Of Canada by 355.0% in the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock valued at $29,000 after buying an additional 142 shares in the last quarter. 45.31% of the stock is currently owned by 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.