Royal Bank of Canada (NYSE:RY) Reaches New 1-Year High - What's Next?

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY's stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $129.46 and last traded at $129.05, with a volume of 1025814 shares trading hands. The stock had previously closed at $128.86.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RY. Scotiabank began coverage on Royal Bank of Canada in a research note on Thursday, May 15th. They set a "sector outperform" rating on the stock. Cibc World Mkts raised Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 3rd. Wall Street Zen cut Royal Bank of Canada from a "hold" rating to a "sell" rating in a research note on Saturday. National Bank Financial cut Royal Bank of Canada from an "outperform" rating to a "sector perform" rating in a research note on Friday. Finally, CIBC reiterated an "outperform" rating on shares of Royal Bank of Canada in a report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Royal Bank of Canada has an average rating of "Moderate Buy" and a consensus price target of $156.50.

Royal Bank of Canada Stock Up 1.3%

The company has a market cap of $179.15 billion, a P/E ratio of 15.33, a P/E/G ratio of 1.80 and a beta of 0.89. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86. The company's 50-day moving average is $118.80 and its two-hundred day moving average is $119.63.

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 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.05). Royal Bank of Canada had a net margin of 12.08% and a return on equity of 15.26%. The firm had revenue of $11.38 billion for the quarter, compared to the consensus estimate of $15.77 billion. During the same period last year, the business earned $2.92 EPS. Royal Bank of Canada's revenue was up 10.7% on a year-over-year basis. As a group, equities analysts predict that Royal Bank of Canada will post 9.16 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The firm 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 3.52%. The ex-dividend date of this dividend is Thursday, July 24th. This is a boost from Royal Bank of Canada's previous quarterly dividend of $1.03. Royal Bank of Canada's dividend payout ratio (DPR) is currently 46.18%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Park Square Financial Group LLC purchased a new stake in Royal Bank of Canada in the 4th quarter worth $25,000. WealthTrak Capital Management LLC bought a new position in Royal Bank of Canada in the 4th quarter worth about $28,000. Roxbury Financial LLC bought a new position in Royal Bank of Canada in the 4th quarter worth about $29,000. Sunbelt Securities Inc. boosted its stake in shares of 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 valued at $29,000 after purchasing an additional 250 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Royal Bank of Canada during the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 45.31% of the company's stock.

About Royal Bank of Canada

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.