Royal Bank Of Canada (NYSE:RY) Stock Price Breaks Above 50-Day Moving Average - Here's What Happened

Key Points

• Royal Bank of Canada shares rose above their 50-day moving average, reaching $203.00 compared with the $202.35 average, and last traded near $202.77.
• Analysts maintain a consensus “Moderate Buy” rating with a $225 target price. RBC also exceeded quarterly expectations, reporting $3.07 in EPS versus the $2.89 consensus and revenue of $13.22 billion.
• RBC declared a quarterly dividend of C$1.76 per share, equivalent to C$7.04 annually and a 3.5% yield; institutional investors own approximately 45.31% of the stock.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY's stock price crossed 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 trading hands.

Wall Street Analysts Forecast Growth

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

Royal Bank Of Canada Stock Up 0.8%

The stock's 50 day simple moving average is $202.35 and its two-hundred day simple moving average is $188.27. The firm has a market cap of $280.62 billion, a P/E ratio of 17.74, a P/E/G ratio of 1.80 and a beta of 0.80. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.81.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings results 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 firm had revenue of $13.22 billion for the quarter, compared to analysts' expectations of $12.98 billion. Royal Bank Of Canada had a return on equity of 17.79% and a net margin of 16.17%. As a group, research analysts forecast that Royal Bank Of Canada will post 11.83 earnings per share for the current year.

Royal Bank Of Canada Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Monday, October 26th will be paid a dividend of C$1.76 per share. The ex-dividend date is Monday, October 26th. This represents a $7.04 dividend on an annualized basis and a yield of 3.5%. Royal Bank Of Canada's payout ratio is presently 43.39%.

Institutional Investors Weigh In On Royal Bank Of Canada

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

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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