Royal Bank Of Canada (NYSE:RY) Short Interest Down 21.2% in August

Key Points

• Short interest in Royal Bank of Canada has declined by 21.2%, dropping from 8,450,000 shares to 6,660,000 shares by the end of August.
• The company reported earnings of $2.79 per share in its latest quarter, exceeding estimates by $0.43, with a revenue of $12.26 billion, up 16.1% year-over-year.
• Institutional investors hold approximately 45.31% of the company's stock, with significant stakes added by Vanguard Group Inc. and TD Asset Management Inc. in the last quarter.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY was the target of a large drop in short interest in the month of August. As of August 31st, there was short interest totaling 6,660,000 shares, a drop of 21.2% from the August 15th total of 8,450,000 shares. Currently, 0.5% of the company's stock are sold short. Based on an average daily trading volume, of 1,080,000 shares, the days-to-cover ratio is currently 6.2 days. Based on an average daily trading volume, of 1,080,000 shares, the days-to-cover ratio is currently 6.2 days. Currently, 0.5% of the company's stock are sold short.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Wall Street Zen upgraded Royal Bank Of Canada from a "sell" rating to a "hold" rating in a report on Saturday, August 30th. Cibc World Mkts downgraded Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a report on Friday, September 5th. BMO Capital Markets restated an "outperform" rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. National Bankshares restated a "sector perform" rating on shares of Royal Bank Of Canada in a report on Friday, August 15th. Finally, National Bank Financial downgraded Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $177.50.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Trust Co of the South grew its position in shares of Royal Bank Of Canada by 0.3% in the 2nd quarter. Trust Co of the South now owns 25,121 shares of the financial services provider's stock worth $3,305,000 after acquiring an additional 78 shares in the last quarter. Brucke Financial Inc. boosted its position in Royal Bank Of Canada by 1.9% during the 2nd quarter. Brucke Financial Inc. now owns 4,264 shares of the financial services provider's stock valued at $561,000 after purchasing an additional 79 shares during the period. SBI Securities Co. Ltd. boosted its position in Royal Bank Of Canada by 13.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 729 shares of the financial services provider's stock valued at $82,000 after purchasing an additional 84 shares during the period. Choreo LLC boosted its position in Royal Bank Of Canada by 4.2% during the 2nd quarter. Choreo LLC now owns 2,088 shares of the financial services provider's stock valued at $275,000 after purchasing an additional 84 shares during the period. Finally, Contravisory Investment Management Inc. boosted its position in Royal Bank Of Canada by 4.3% during the 2nd quarter. Contravisory Investment Management Inc. now owns 2,041 shares of the financial services provider's stock valued at $268,000 after purchasing an additional 85 shares during the period. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank Of Canada Stock Performance

Shares of RY traded up $1.22 during mid-day trading on Friday, hitting $147.38. The stock had a trading volume of 942,999 shares, compared to its average volume of 933,620. The company has a market cap of $207.12 billion, a PE ratio of 15.56, a PEG ratio of 1.50 and a beta of 0.88. The company's fifty day simple moving average is $137.59 and its two-hundred day simple moving average is $126.90. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.11. Royal Bank Of Canada has a fifty-two week low of $106.10 and a fifty-two week high of $147.64.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its earnings results on Wednesday, August 27th. The financial services provider reported $2.79 EPS for the quarter, topping the consensus estimate of $2.36 by $0.43. The company had revenue of $12.26 billion during the quarter, compared to analyst estimates of $16.03 billion. Royal Bank Of Canada had a return on equity of 16.12% and a net margin of 14.03%.The business's revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.26 EPS. On average, equities analysts expect that Royal Bank Of Canada will post 9.16 earnings per share for the current year.

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.