Royal Bank Of Canada (NYSE:RY) Reaches New 12-Month High After Dividend Announcement

Key Points

• The Royal Bank of Canada (NYSE:RY) reached a new 12-month high at $144.92 following an announcement of a dividend increase to $1.54 per share, set to be paid on November 24th.
• The bank's current dividend yield is 4.2%, reflecting a rise from the previous quarterly dividend of $1.12, with a payout ratio of 50.33%.
• Analysts have rated the stock with a "Moderate Buy" average rating and a price target of $193.00, indicating positive sentiment among investors regarding its performance.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY's share price reached a new 52-week high during trading on Wednesday after the company announced a dividend. The company traded as high as $140.98 and last traded at $144.92, with a volume of 12001 shares changing hands. The stock had previously closed at $137.68.The newly announced dividend which will be paid on Monday, November 24th. Stockholders of record on Monday, October 27th will be given a dividend of $1.54 per share. This represents a $6.16 annualized dividend and a dividend yield of 4.2%. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.12. Royal Bank Of Canada's dividend payout ratio (DPR) is presently 50.33%.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. CIBC reiterated an "outperform" rating on shares of Royal Bank Of Canada in a report on Tuesday, May 20th. Wall Street Zen downgraded shares of Royal Bank Of Canada from a "hold" rating to a "sell" rating in a report on Saturday, May 31st. Barclays reiterated an "overweight" rating on shares of Royal Bank Of Canada in a report on Thursday, August 14th. National Bankshares reissued a "sector perform" rating on shares of Royal Bank Of Canada in a research note on Friday, August 15th. Finally, National Bank Financial cut shares of Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Royal Bank Of Canada has an average rating of "Moderate Buy" and an average price target of $193.00.

Royal Bank Of Canada Stock Performance

The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11. The business's 50 day moving average is $132.21 and its 200 day moving average is $123.59. The stock has a market capitalization of $204.13 billion, a PE ratio of 16.15, a PEG ratio of 1.57 and a beta of 0.89.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings results on Thursday, May 29th. The financial services provider reported $2.20 EPS for the quarter, missing analysts' consensus estimates of $2.25 by ($0.05). Royal Bank Of Canada had a return on equity of 15.75% and a net margin of 13.37%.The firm had revenue of $11.38 billion for the quarter, compared to analysts' expectations of $15.77 billion. During the same period in the prior year, the firm posted $2.92 earnings per share. Royal Bank Of Canada's revenue for the quarter was up 10.7% on a year-over-year basis. On average, equities research analysts predict that Royal Bank Of Canada will post 9.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Royal Bank Of Canada

Hedge funds have recently modified their holdings of the business. Park Square Financial Group LLC bought a new position in shares of Royal Bank Of Canada during the 4th quarter worth approximately $25,000. Sunbelt Securities Inc. increased its stake in Royal Bank Of Canada by 2,272.7% during the 1st quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 250 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Royal Bank Of Canada during the 1st quarter valued at approximately $32,000. Optiver Holding B.V. acquired a new position in Royal Bank Of Canada during the 4th quarter valued at approximately $35,000. Finally, Cullen Frost Bankers Inc. increased its stake in Royal Bank Of Canada by 295.4% during the 1st quarter. Cullen Frost Bankers Inc. now owns 344 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 257 shares in the last quarter. Hedge funds and other institutional investors 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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