Royal Bank of Canada (TSE:RY) Reaches New 52-Week High - Here's What Happened

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY's share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as C$183.11 and last traded at C$182.06, with a volume of 2083841 shares. The stock had previously closed at C$182.78.

Analyst Ratings Changes

A number of research analysts have recently commented on RY shares. Barclays increased their target price on Royal Bank of Canada from C$180.00 to C$182.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. CIBC increased their target price on Royal Bank of Canada from C$182.00 to C$183.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. Scotiabank upgraded Royal Bank of Canada to a "strong-buy" rating in a research report on Thursday, May 15th. National Bank Financial downgraded Royal Bank of Canada from an "outperform" rating to a "sector perform" rating in a research report on Thursday, May 29th. Finally, Canaccord Genuity Group set a C$194.00 price target on Royal Bank of Canada and gave the stock a "buy" rating in a research report on Tuesday, June 24th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, Royal Bank of Canada has an average rating of "Buy" and a consensus target price of C$184.54.

Royal Bank of Canada Price Performance

The stock has a market cap of C$257.73 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 3.42 and a beta of 0.84. The stock has a fifty day moving average of C$176.51 and a 200 day moving average of C$170.16.

Royal Bank of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 22nd will be given a $1.54 dividend. 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 $1.48. This represents a $6.16 dividend on an annualized basis and a dividend yield of 3.38%. Royal Bank of Canada's payout ratio is 49.49%.

Insider Activity

In related news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of C$175.47, for a total transaction of C$54,044.58. Also, Director David Ian Mckay sold 20,304 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of C$175.47, for a total value of C$3,562,730.70. Insiders sold 62,731 shares of company stock worth $10,663,017 over the last three months.

About Royal Bank of Canada

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S.