Short Interest in Royal Bank Of Canada (NYSE:RY) Declines By 21.2%

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 significant decrease in short interest in the month of August. As of August 31st, there was short interest totaling 6,660,000 shares, a decrease of 21.2% from the August 15th total of 8,450,000 shares. Currently, 0.5% of the company's stock are short sold. Based on an average daily volume of 1,080,000 shares, the days-to-cover ratio is presently 6.2 days. Based on an average daily volume of 1,080,000 shares, the days-to-cover ratio is presently 6.2 days. Currently, 0.5% of the company's stock are short sold.

Wall Street Analyst Weigh In

RY has been the topic of a number of recent research reports. Argus upped their price objective on shares of Royal Bank Of Canada from $140.00 to $162.00 and gave the stock a "buy" rating in a report on Friday, August 29th. BMO Capital Markets restated an "outperform" rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. Scotiabank reissued an "outperform" rating on shares of Royal Bank Of Canada in a research report on Thursday, August 28th. Barclays reiterated an "overweight" rating on shares of Royal Bank Of Canada in a research note on Thursday, August 14th. Finally, Wall Street Zen raised Royal Bank Of Canada from a "sell" rating to a "hold" rating in a report on Saturday, August 30th. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $177.50.

Royal Bank Of Canada Trading Up 0.8%

NYSE RY traded up $1.18 during trading hours on Monday, hitting $148.44. 375,169 shares of the company were exchanged, compared to its average volume of 1,202,434. The stock has a 50-day moving average price of $137.59 and a 200 day moving average price of $127.07. 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 52 week low of $106.10 and a 52 week high of $148.58. The stock has a market cap of $208.61 billion, a PE ratio of 15.67, a price-to-earnings-growth ratio of 1.51 and a beta of 0.88.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings data on Wednesday, August 27th. The financial services provider reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.43. Royal Bank Of Canada had a return on equity of 16.12% and a net margin of 14.03%.The company had revenue of $12.26 billion for the quarter, compared to analysts' expectations of $16.03 billion. During the same period in the previous year, the firm posted $3.26 earnings per share. The firm's revenue for the quarter was up 16.1% on a year-over-year basis. Analysts forecast that Royal Bank Of Canada will post 9.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Trust Co of the South boosted its holdings in shares of Royal Bank Of Canada by 0.3% in the second quarter. Trust Co of the South now owns 25,121 shares of the financial services provider's stock valued at $3,305,000 after purchasing an additional 78 shares during the period. Brucke Financial Inc. increased its holdings in shares of Royal Bank Of Canada by 1.9% in the 2nd quarter. Brucke Financial Inc. now owns 4,264 shares of the financial services provider's stock valued at $561,000 after acquiring an additional 79 shares during the period. SBI Securities Co. Ltd. lifted its holdings in shares of 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 last quarter. Choreo LLC lifted its holdings in shares of 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 last quarter. Finally, Contravisory Investment Management Inc. lifted its holdings in shares of 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 last quarter. Institutional investors own 45.31% of the company's stock.

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.