Royal Bank Of Canada (NYSE:RY) Stock Crosses Above 50 Day Moving Average – Here’s What Happened

Royal Bank Of Canada (NYSE:RY) (TSE:RY)’s share price passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $202.35 and traded as high as $203.00. Royal Bank Of Canada shares last traded at $202.7680, with a volume of 3,397,283 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently commented on RY shares. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods initiated coverage on shares of Royal Bank Of Canada in a research note on Friday, August 21st. They set a “market perform” rating for the company. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Royal Bank Of Canada in a research note on Tuesday. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a report on Friday, August 28th. Finally, TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Trading Up 0.8%

The firm has a 50-day moving average price of $201.65 and a 200-day moving average price of $188.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $283.21 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 1.80 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Thursday, August 27th. The financial services provider reported $3.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.18. The company had revenue of $13.22 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Royal Bank Of Canada had a net margin of 16.17% and a return on equity of 17.79%. As a group, equities analysts anticipate that Royal Bank Of Canada will post 11.83 EPS for the current fiscal year.

Royal Bank Of Canada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Monday, October 26th will be paid a C$1.76 dividend. This represents a $7.04 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, October 26th. Royal Bank Of Canada’s dividend payout ratio is currently 43.39%.

Institutional Investors Weigh In On Royal Bank Of Canada

Several institutional investors and hedge funds have recently made changes to their positions in RY. The Manufacturers Life Insurance Company bought a new position in Royal Bank Of Canada in the 2nd quarter worth $2,296,717,000. Legal & General Group Plc bought a new stake in Royal Bank Of Canada during the second quarter valued at about $1,645,758,000. M. Kulyk & Associates LLC bought a new stake in Royal Bank Of Canada during the second quarter valued at about $2,953,000. Korea Investment CORP bought a new stake in Royal Bank Of Canada during the second quarter valued at about $175,489,000. Finally, Nykredit A S purchased a new position in shares of Royal Bank Of Canada in the second quarter valued at about $57,183,000. Institutional investors own 45.31% of the company’s stock.

Royal Bank Of Canada Company Profile

Royal Bank of Canada (NYSE: RY) is a diversified financial services company headquartered in Toronto, Canada. Founded in 1864, it operates under the RBC brand and provides banking, wealth management, capital markets, insurance and investor services to individuals, businesses, institutions and governments.

RBC’s personal and commercial banking operations offer deposit accounts, lending, mortgages, credit cards, payment services and financial advice. Its wealth management business provides investment management, private banking, trust, brokerage and advisory services, while RBC Capital Markets delivers investment banking, sales and trading, research and corporate finance services.