Royal Bank of Canada (NYSE:RY) Sees Significant Drop in Short Interest

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY was the target of a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 4,290,000 shares, a decline of 77.9% from the April 30th total of 19,410,000 shares. Based on an average daily trading volume, of 1,360,000 shares, the days-to-cover ratio is currently 3.2 days. Currently, 0.3% of the shares of the company are short sold.

Royal Bank of Canada Trading Up 1.3%

Royal Bank of Canada stock traded up $1.66 during trading hours on Friday, hitting $126.66. The company had a trading volume of 1,359,802 shares, compared to its average volume of 1,136,199. The firm 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 quick ratio of 0.86 and a current ratio of 0.86. Royal Bank of Canada has a 1 year low of $102.44 and a 1 year high of $129.46. The company has a 50-day moving average price of $118.80 and a two-hundred day moving average price of $119.65.

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). The business had revenue of $11.38 billion during the quarter, compared to analysts' expectations of $15.77 billion. Royal Bank of Canada had a return on equity of 15.26% and a net margin of 12.08%. Royal Bank of Canada's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.92 EPS. On average, sell-side analysts anticipate that Royal Bank of Canada will post 9.16 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors 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 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 payout ratio is 46.18%.

Wall Street Analysts Forecast Growth

RY has been the topic of several research reports. Scotiabank initiated coverage on shares of Royal Bank of Canada in a report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. National Bank Financial downgraded shares of Royal Bank of Canada from an "outperform" rating to a "sector perform" rating in a research report on Friday. Cibc World Mkts upgraded shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 3rd. CIBC restated an "outperform" rating on shares of Royal Bank of Canada in a report on Tuesday, May 20th. Finally, Wall Street Zen cut shares of Royal Bank of Canada from a "hold" rating to a "sell" rating in a research note on Saturday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $156.50.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Brighton Jones LLC increased its stake in Royal Bank of Canada by 33.1% during the 4th quarter. Brighton Jones LLC now owns 2,313 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 575 shares in the last quarter. Fifth Third Bancorp increased its stake in Royal Bank of Canada by 46.7% during the 4th quarter. Fifth Third Bancorp now owns 4,712 shares of the financial services provider's stock valued at $568,000 after purchasing an additional 1,500 shares in the last quarter. Drive Wealth Management LLC increased its stake in Royal Bank of Canada by 4.3% during the 4th quarter. Drive Wealth Management LLC now owns 2,919 shares of the financial services provider's stock valued at $352,000 after purchasing an additional 120 shares in the last quarter. PFG Investments LLC acquired a new position in Royal Bank of Canada during the 4th quarter valued at approximately $215,000. Finally, Kingswood Wealth Advisors LLC increased its stake in Royal Bank of Canada by 78.7% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 2,923 shares of the financial services provider's stock valued at $352,000 after purchasing an additional 1,287 shares in the last quarter. 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.