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

Key Points

• Royal Bank of Canada (TSE:RY) reached a new 52-week high of C$206.99 during trading, closing at C$206.85 with a trading volume of over 2 million shares.
• Multiple analysts have upgraded their price targets for the bank, with Bank of America raising its target to C$227.00 and Scotiabank to C$218.00.
• The bank announced a quarterly dividend of $1.54, resulting in an annual yield of 3.0% and a payout ratio of 44.78%.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY's stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$206.99 and last traded at C$206.85, with a volume of 2000140 shares traded. The stock had previously closed at C$206.21.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Barclays lifted their price target on Royal Bank of Canada from C$190.00 to C$203.00 in a research note on Thursday, August 28th. Scotiabank upped their price objective on shares of Royal Bank of Canada from C$210.00 to C$218.00 in a research note on Friday, October 10th. BMO Capital Markets upped their price objective on shares of Royal Bank of Canada from C$190.00 to C$203.00 and gave the company an "outperform" rating in a research note on Thursday, August 28th. Bank of America boosted their target price on Royal Bank of Canada from C$214.00 to C$227.00 in a report on Thursday, August 28th. Finally, Desjardins boosted their target price on Royal Bank of Canada from C$193.00 to C$214.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Royal Bank of Canada has a consensus rating of "Moderate Buy" and a consensus price target of C$206.62.

Royal Bank of Canada Stock Performance

The business has a 50 day moving average price of C$199.52 and a two-hundred day moving average price of C$182.25. The stock has a market cap of C$290.42 billion, a PE ratio of 15.58, a P/E/G ratio of 3.42 and a beta of 1.24.

Royal Bank of Canada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 24th. Investors of record on Monday, November 24th will be paid a $1.54 dividend. The ex-dividend date is Monday, October 27th. This represents a $6.16 annualized dividend and a yield of 3.0%. Royal Bank of Canada's dividend payout ratio is presently 44.78%.

Royal Bank of Canada Company Profile

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.

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