Royal Bank of Canada (NYSE:RY) Shares Up 2.7%

Shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) rose 2.7% during mid-day trading on Wednesday . The stock traded as high as $119.92 and last traded at $119.57. Approximately 754,342 shares were traded during trading, a decline of 32% from the average daily volume of 1,101,371 shares. The stock had previously closed at $116.40.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Scotiabank raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a report on Friday, May 17th. UBS Group started coverage on Royal Bank of Canada in a report on Tuesday, July 2nd. They issued a “buy” rating for the company. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Argus boosted their price target on Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Finally, BMO Capital Markets lowered Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $135.00.

Royal Bank of Canada Stock Up 2.1 %

The company has a market cap of $168.17 billion, a price-to-earnings ratio of 14.74, a price-to-earnings-growth ratio of 1.75 and a beta of 0.86. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The stock has a 50-day simple moving average of $109.36 and a 200-day simple moving average of $103.96.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Thursday, May 30th. The financial services provider reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $10.43 billion for the quarter, compared to analyst estimates of $9.95 billion. Royal Bank of Canada had a net margin of 12.12% and a return on equity of 14.87%. As a group, analysts predict that Royal Bank of Canada will post 8.5 EPS for the current year.

Royal Bank of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Thursday, July 25th were paid a $1.03 dividend. The ex-dividend date of this dividend was Thursday, July 25th. This represents a $4.12 annualized dividend and a dividend yield of 3.47%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.02. Royal Bank of Canada’s payout ratio is currently 51.49%.

Institutional Investors Weigh In On Royal Bank of Canada

Institutional investors and hedge funds have recently modified their holdings of the stock. Canoe Financial LP lifted its stake in Royal Bank of Canada by 11,061.2% during the fourth quarter. Canoe Financial LP now owns 151,142,403 shares of the financial services provider’s stock valued at $15,285,031,000 after buying an additional 149,788,224 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Royal Bank of Canada by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider’s stock valued at $5,618,566,000 after acquiring an additional 964,898 shares in the last quarter. TD Asset Management Inc boosted its stake in Royal Bank of Canada by 21.7% in the 4th quarter. TD Asset Management Inc now owns 32,571,491 shares of the financial services provider’s stock worth $3,310,010,000 after purchasing an additional 5,810,077 shares during the period. Bank of Nova Scotia boosted its stake in Royal Bank of Canada by 5.1% in the 4th quarter. Bank of Nova Scotia now owns 28,024,917 shares of the financial services provider’s stock worth $2,834,219,000 after purchasing an additional 1,357,956 shares during the period. Finally, National Bank of Canada FI grew its holdings in shares of Royal Bank of Canada by 16.7% during the second quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock valued at $2,141,681,000 after buying an additional 2,901,033 shares in the last quarter. Institutional investors and hedge funds 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.