Royal Bank of Canada (NYSE:RY) Sees Large Decline in Short Interest

Royal Bank of Canada (NYSE:RY) (TSE:RY) was the recipient of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 6,460,000 shares, a decline of 38.8% from the February 13th total of 10,560,000 shares. Based on an average daily volume of 1,120,000 shares, the short-interest ratio is presently 5.8 days. Approximately 0.5% of the shares of the company are sold short.

Analyst Ratings Changes

RY has been the subject of a number of recent research reports. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. CIBC reiterated a “neutral” rating on shares of Royal Bank of Canada in a research note on Wednesday, March 5th. Finally, BMO Capital Markets lowered their price target on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $156.50.

Royal Bank of Canada Stock Performance

RY traded up $1.17 during trading hours on Monday, hitting $112.66. The company’s stock had a trading volume of 1,283,517 shares, compared to its average volume of 1,004,590. Royal Bank of Canada has a fifty-two week low of $95.84 and a fifty-two week high of $128.05. The firm has a market capitalization of $159.04 billion, a PE ratio of 13.64, a PEG ratio of 1.80 and a beta of 0.88. The company has a 50-day simple moving average of $118.61 and a 200 day simple moving average of $121.54. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be issued a $1.0251 dividend. This represents a $4.10 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s payout ratio is currently 45.96%.

Institutional Trading of Royal Bank of Canada

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Royal Bank of Canada by 7.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 33,189 shares of the financial services provider’s stock valued at $4,000,000 after acquiring an additional 2,340 shares in the last quarter. Old North State Trust LLC lifted its position in Royal Bank of Canada by 6.0% in the fourth quarter. Old North State Trust LLC now owns 8,554 shares of the financial services provider’s stock worth $1,031,000 after purchasing an additional 486 shares during the period. Park Square Financial Group LLC acquired a new stake in Royal Bank of Canada in the fourth quarter worth approximately $25,000. Brucke Financial Inc. bought a new position in Royal Bank of Canada during the 4th quarter valued at $472,000. Finally, Canerector Inc. acquired a new position in shares of Royal Bank of Canada during the 4th quarter valued at $7,833,000. 45.31% of the stock is currently owned by institutional investors.

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.