Royal Bank of Canada (NYSE:RY) Hits New 52-Week High – Should You Buy?

Royal Bank of Canada (NYSE:RY) (TSE:RY)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $126.89 and last traded at $126.50, with a volume of 9938 shares changing hands. The stock had previously closed at $126.11.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. BMO Capital Markets increased their price target on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, UBS Group initiated coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They issued a “buy” rating on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Stock Up 0.4 %

The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $179.09 billion, a price-to-earnings ratio of 15.65, a price-to-earnings-growth ratio of 1.99 and a beta of 0.86. The business has a 50-day simple moving average of $119.64 and a 200-day simple moving average of $110.08.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. The company had revenue of $10.68 billion for the quarter, compared to analyst estimates of $10.40 billion. On average, equities analysts anticipate that Royal Bank of Canada will post 8.91 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be given a dividend of $1.028 per share. This represents a $4.11 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 51.99%.

Institutional Investors Weigh In On Royal Bank of Canada

Hedge funds and other institutional investors have recently made changes to their positions in the business. Grove Bank & Trust acquired a new stake in shares of Royal Bank of Canada during the 3rd quarter worth about $28,000. Ridgewood Investments LLC acquired a new stake in shares of Royal Bank of Canada during the 2nd quarter worth about $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Royal Bank of Canada during the 2nd quarter worth about $33,000. Mather Group LLC. acquired a new position in Royal Bank of Canada during the first quarter worth approximately $49,000. Finally, Nisa Investment Advisors LLC increased its position in Royal Bank of Canada by 293.8% during the second quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock worth $54,000 after buying an additional 379 shares during the period. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank of Canada Company Profile

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.