Royal Bank of Canada (TSE:RY) Reaches New 12-Month High – Here’s What Happened

Royal Bank of Canada (TSE:RY) (NYSE:RY)’s stock price reached a new 52-week high on Friday . The stock traded as high as C$175.05 and last traded at C$174.73, with a volume of 66227 shares traded. The stock had previously closed at C$174.76.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. 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 report on Monday, August 12th. Desjardins raised their target price on shares of Royal Bank of Canada from C$156.00 to C$163.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Canaccord Genuity Group boosted their price target on Royal Bank of Canada from C$172.00 to C$188.00 in a report on Tuesday, November 19th. CIBC raised their price objective on Royal Bank of Canada from C$166.00 to C$167.00 in a report on Friday, September 6th. Finally, Barclays upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a report on Thursday. Two analysts have rated the stock with a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of C$171.58.

Royal Bank of Canada Stock Down 0.0 %

The business has a 50-day moving average price of C$170.00 and a 200-day moving average price of C$156.75. The firm has a market capitalization of C$246.34 billion, a price-to-earnings ratio of 15.47, a P/E/G ratio of 3.42 and a beta of 0.84.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share for the quarter, topping the consensus estimate of C$2.95 by C$0.31. The company had revenue of C$14.63 billion for the quarter, compared to the consensus estimate of C$14.27 billion. Royal Bank of Canada had a net margin of 28.67% and a return on equity of 13.68%. On average, equities research analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, November 22nd were paid a $1.42 dividend. The ex-dividend date was Thursday, October 24th. This represents a $5.68 dividend on an annualized basis and a yield of 3.25%. Royal Bank of Canada’s dividend payout ratio (DPR) is 50.31%.

Insiders Place Their Bets

In other Royal Bank of Canada news, Senior Officer Douglas Antony Guzman sold 17,000 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of C$167.95, for a total value of C$2,855,150.00. Following the sale, the insider now directly owns 25 shares of the company’s stock, valued at approximately C$4,198.75. This represents a 99.85 % decrease in their ownership of the stock. Also, Director David Ian Mckay sold 74,852 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total value of C$12,320,115.24. In the last 90 days, insiders sold 144,770 shares of company stock valued at $23,959,265.

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.