Royal Bank of Canada (TSE:RY) Reaches New 12-Month High – Here’s What Happened

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) hit a new 52-week high on Wednesday . The stock traded as high as C$208.46 and last traded at C$208.17, with a volume of 818880 shares trading hands. The stock had previously closed at C$206.81.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Barclays increased their price objective on Royal Bank of Canada from C$190.00 to C$203.00 in a research note on Thursday, August 28th. TD Securities increased their price target on shares of Royal Bank of Canada from C$208.00 to C$215.00 in a research report on Monday. CIBC lowered shares of Royal Bank of Canada from an “outperform” rating to a “neutral” rating and set a C$208.00 price target on the stock. in a report on Friday, September 5th. Cibc World Mkts downgraded shares of Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 5th. Finally, BMO Capital Markets increased their target price on shares of Royal Bank of Canada from C$190.00 to C$203.00 and gave the stock an “outperform” rating in a report on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Royal Bank of Canada has an average rating of “Moderate Buy” and an average price target of C$207.15.

Royal Bank of Canada Stock Up 0.9%

The company has a market capitalization of C$294.42 billion, a P/E ratio of 15.79, a price-to-earnings-growth ratio of 3.42 and a beta of 1.28. The company has a 50-day moving average of C$203.87 and a two-hundred day moving average of C$187.63.

Royal Bank of Canada Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 24th. Stockholders of record on Monday, November 24th will be given a $1.54 dividend. The ex-dividend date of this dividend is Monday, October 27th. This represents a $6.16 dividend on an annualized basis and a dividend yield of 3.0%. Royal Bank of Canada’s dividend payout ratio is currently 44.78%.

Royal Bank of Canada Company Profile

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S.