Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY)’s stock price hit a new 52-week high during mid-day trading on Monday after CIBC raised their price target on the stock from C$166.00 to C$167.00. The company traded as high as C$166.53 and last traded at C$166.19, with a volume of 454719 shares traded. The stock had previously closed at C$164.08.
A number of other brokerages have also issued reports on RY. Argus upgraded shares of Royal Bank of Canada to a “strong-buy” rating in a research note on Thursday, June 6th. Barclays boosted their price target on shares of Royal Bank of Canada from C$145.00 to C$150.00 in a research note on Tuesday, August 20th. Jefferies Financial Group cut their price target on shares of Royal Bank of Canada from C$168.00 to C$165.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Cormark boosted their price target on shares of Royal Bank of Canada from C$166.00 to C$171.00 in a research note on Thursday, August 29th. Finally, BMO Capital Markets boosted their price target on shares of Royal Bank of Canada from C$151.00 to C$165.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of C$161.57.
Read Our Latest Analysis on RY
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Royal Bank of Canada Price Performance
The firm has a market capitalization of C$236.97 billion, a price-to-earnings ratio of 14.72, a P/E/G ratio of 10.64 and a beta of 0.84. The company has a fifty day moving average price of C$153.30 and a two-hundred day moving average price of C$143.92.
Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) last posted its quarterly earnings data on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share for the quarter, beating the consensus estimate of C$2.95 by C$0.31. The business had revenue of C$14.63 billion during the quarter, compared to the consensus estimate of C$14.27 billion. Royal Bank of Canada had a return on equity of 13.68% and a net margin of 28.67%.
Royal Bank of Canada Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a $1.42 dividend. This represents a $5.68 annualized dividend and a dividend yield of ∞. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s payout ratio is currently 50.31%.
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.
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