Royal Bank of Canada (TSE:RY) Reaches New 12-Month High - Should You Buy?

Key Points

• Royal Bank of Canada shares hit a new 52-week high of C$240.40 (last at C$240.02) on Tuesday with about 907,694 shares traded.
• Analysts have been raising price targets and ratings; the consensus is a Moderate Buy with an average target of C$244.58 and several firms boosting targets into the C$245–C$260 range.
• RBC reported quarterly EPS of C$4.08 and announced a quarterly dividend of $1.64 (annualized $6.56) for a ~2.7% yield, with an ex-dividend date of April 23 and payment on May 22.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY shares reached a new 52-week high during trading on Tuesday . The stock traded as high as C$240.40 and last traded at C$240.02, with a volume of 907694 shares traded. The stock had previously closed at C$239.00.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RY. Raymond James Financial boosted their price target on Royal Bank of Canada from C$255.00 to C$260.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. BMO Capital Markets boosted their price target on Royal Bank of Canada from C$229.00 to C$245.00 in a research report on Wednesday, December 17th. Jefferies Financial Group boosted their price target on Royal Bank of Canada from C$217.00 to C$220.00 in a research report on Wednesday, February 11th. Barclays boosted their price target on Royal Bank of Canada from C$244.00 to C$245.00 in a research report on Friday, February 27th. Finally, Desjardins boosted their price target on Royal Bank of Canada from C$247.00 to C$250.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of C$244.58.

Royal Bank of Canada Trading Up 0.6%

The company has a 50-day moving average of C$228.61 and a 200-day moving average of C$222.16. The company has a market capitalization of C$335.02 billion, a price-to-earnings ratio of 16.52, a price-to-earnings-growth ratio of 3.42 and a beta of 1.07.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last announced its earnings results on Thursday, February 26th. The financial services provider reported C$4.08 earnings per share (EPS) for the quarter. Royal Bank of Canada had a return on equity of 15.37% and a net margin of 20.88%.The company had revenue of C$17.96 billion for the quarter. On average, research analysts expect that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Royal Bank of Canada Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Friday, May 22nd will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Thursday, April 23rd. Royal Bank of Canada's dividend payout ratio is currently 42.58%.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.