Royal Bank Of Canada (NYSE:RY) Hits New 1-Year High - Still a Buy?

Key Points

• Royal Bank of Canada shares hit a new 52-week high, trading as high as $211.39, and were last up about 0.4% on the day.
• Analyst sentiment remains generally positive, with a Moderate Buy consensus, 10 Buy ratings and 4 Hold ratings, and an average price target of $225.
• The bank reported solid quarterly results and raised its dividend to $1.76 per share quarterly, up from $1.64, for an annualized yield of about 3.3%.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY's share price hit a new 52-week high on Monday . The company 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

RY has been the subject of several research analyst reports. TD Securities reissued a "buy" rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Canadian Imperial Bank of Commerce reaffirmed 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 report on Monday, June 29th. Argus set a $225.00 price target on Royal Bank Of Canada in a research note on Thursday, June 11th. Finally, Raymond James Financial cut Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 12th. Ten analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $225.00.

Royal Bank Of Canada Trading Up 0.4%

The firm has a fifty day simple moving average of $194.71 and a 200-day simple moving average of $177.97. The firm has a market cap of $294.62 billion, a P/E ratio of 19.07, a price-to-earnings-growth ratio of 1.67 and a beta of 0.80. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.82 and a quick ratio of 0.82.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 EPS 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 firm had revenue of $12.84 billion during the quarter, compared to the consensus estimate of $12.74 billion. During the same quarter in the previous year, the company posted $3.12 earnings per share. The company's quarterly revenue was up 11.4% on a year-over-year basis. On average, equities research analysts expect that Royal Bank Of Canada will post 11.45 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be given a $1.76 dividend. This represents a $7.04 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend 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 payout ratio is 44.47%.

Institutional Trading of Royal Bank Of Canada

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its holdings in Royal Bank Of Canada by 33.1% during the fourth quarter. Brighton Jones LLC now owns 2,313 shares of the financial services provider's stock worth $279,000 after buying an additional 575 shares in the last quarter. AQR Capital Management LLC lifted its stake in Royal Bank Of Canada by 60.9% during the 1st quarter. AQR Capital Management LLC now owns 11,779 shares of the financial services provider's stock valued at $1,321,000 after acquiring an additional 4,460 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in Royal Bank Of Canada by 57.7% during the 2nd quarter. Sivia Capital Partners LLC now owns 5,284 shares of the financial services provider's stock worth $695,000 after acquiring an additional 1,934 shares during the last quarter. Baird Financial Group Inc. boosted its holdings in Royal Bank Of Canada by 39.1% during the 2nd quarter. Baird Financial Group Inc. now owns 13,555 shares of the financial services provider's stock worth $1,783,000 after acquiring an additional 3,811 shares during the last quarter. Finally, Cerity Partners LLC grew its stake in shares of Royal Bank Of Canada by 9.0% in the 2nd quarter. Cerity Partners LLC now owns 47,721 shares of the financial services provider's stock worth $6,279,000 after acquiring an additional 3,928 shares in the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank Of Canada Company Profile

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.

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