Royal Bank of Canada (NYSE:RY) Hits New 12-Month High - What's Next?

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY's share price reached a new 52-week high on Monday . The stock traded as high as $129.90 and last traded at $129.55, with a volume of 173572 shares trading hands. The stock had previously closed at $127.75.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RY shares. Scotiabank started coverage on Royal Bank of Canada in a research report on Thursday, May 15th. They set a "sector outperform" rating for the company. Barclays reissued an "overweight" rating on shares of Royal Bank of Canada in a research note on Monday, June 9th. Wall Street Zen downgraded shares of Royal Bank of Canada from a "hold" rating to a "sell" rating in a research report on Saturday, May 31st. CIBC restated an "outperform" rating on shares of Royal Bank of Canada in a research note on Tuesday, May 20th. Finally, Cibc World Mkts raised shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Royal Bank of Canada currently has a consensus rating of "Moderate Buy" and a consensus target price of $193.00.

Royal Bank of Canada Price Performance

The company has a market capitalization of $181.87 billion, a P/E ratio of 15.61, a PEG ratio of 1.80 and a beta of 0.89. The stock's fifty day simple moving average is $121.79 and its 200-day simple moving average is $119.89. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86.

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its quarterly earnings results on Thursday, May 29th. The financial services provider reported $2.20 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.05). The company had revenue of $11.38 billion during the quarter, compared to analyst estimates of $15.77 billion. Royal Bank of Canada had a net margin of 12.08% and a return on equity of 15.26%. Royal Bank of Canada's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.92 EPS. On average, equities analysts forecast that Royal Bank of Canada will post 9.16 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, July 24th will be paid a dividend of $1.1152 per share. This represents a $4.46 annualized dividend and a dividend yield of 3.46%. The ex-dividend date is Thursday, July 24th. This is a positive change from Royal Bank of Canada's previous quarterly dividend of $1.03. Royal Bank of Canada's dividend payout ratio is 49.78%.

Hedge Funds Weigh In On Royal Bank of Canada

Several hedge funds have recently added to or reduced their stakes in the stock. Park Square Financial Group LLC bought a new stake in Royal Bank of Canada during the fourth quarter worth $25,000. WealthTrak Capital Management LLC bought a new stake in shares of Royal Bank of Canada in the 4th quarter valued at about $28,000. Roxbury Financial LLC bought a new position in Royal Bank of Canada during the fourth quarter worth about $29,000. Sunbelt Securities Inc. increased its position in Royal Bank of Canada by 2,272.7% during the first quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider's stock worth $29,000 after buying an additional 250 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Royal Bank of Canada in the first quarter valued at approximately $32,000. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.

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