Royal Bank Of Canada (NYSE:RY) Sees Unusually-High Trading Volume - Time to Buy?

Key Points

• Trading volume surged 169% to approximately 3.82 million shares, while the stock traded near $200.36, below its previous close of $202.06.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $225, compared with the current share price.
• RBC exceeded quarterly expectations with EPS of $3.07 and revenue of $13.22 billion, and declared a C$1.76 quarterly dividend, representing a 3.5% annualized yield.

Shares of Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY saw an uptick in trading volume on Friday. Approximately 3,824,113 shares traded hands during trading, an increase of 169% from the previous session's volume of 1,420,776 shares. The stock last traded at $200.3640 and had previously closed at $202.06.

Analysts Set New Price Targets

A number of analysts have recently weighed in on RY shares. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a research note on Friday, August 28th. Barclays reiterated an "overweight" rating on shares of Royal Bank Of Canada in a research report on Friday, August 21st. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 19th. TD Securities reissued a "buy" rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Royal Bank Of Canada in a research report on Friday, August 21st. They issued a "market perform" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $225.00.

Royal Bank Of Canada Price Performance

The company has a 50 day moving average of $202.54 and a 200 day moving average of $197.68. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.10. The firm has a market cap of $276.99 billion, a price-to-earnings ratio of 17.50, a P/E/G ratio of 1.81 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings data on Thursday, August 27th. The financial services provider reported $3.07 EPS for the quarter, topping analysts' consensus estimates of $2.89 by $0.18. The business had revenue of $13.22 billion for the quarter, compared to analyst estimates of $12.98 billion. Royal Bank Of Canada had a net margin of 16.17% and a return on equity of 17.79%. Equities research analysts predict that Royal Bank Of Canada will post 11.83 EPS for the current fiscal year.

Royal Bank Of Canada Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Monday, October 26th will be issued a dividend of C$1.76 per share. The ex-dividend date of this dividend is Monday, October 26th. This represents a $7.04 annualized dividend and a yield of 3.5%. Royal Bank Of Canada's dividend payout ratio (DPR) is currently 43.39%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of Nova Scotia acquired a new stake in Royal Bank Of Canada in the 2nd quarter worth about $2,549,157,000. The Manufacturers Life Insurance Company bought a new position in shares of Royal Bank Of Canada in the 2nd quarter valued at $2,296,717,000. Canada Pension Plan Investment Board acquired a new position in shares of Royal Bank Of Canada during the 2nd quarter worth $2,275,797,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Royal Bank Of Canada during the 2nd quarter worth $2,260,820,000. Finally, Legal & General Group Plc bought a new position in Royal Bank Of Canada in the second quarter valued at about $1,645,758,000. 45.31% of the stock is owned by institutional investors and hedge funds.

About Royal Bank Of Canada

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.

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