Royal Bank Of Canada (NYSE:RY) Hits New 1-Year High – Here’s Why

Royal Bank Of Canada (NYSE:RY) (TSE:RY)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $150.04 and last traded at $149.6410, with a volume of 89486 shares changing hands. The stock had previously closed at $148.27.

Analysts Set New Price Targets

Several equities analysts have recently commented on RY shares. Zacks Research downgraded Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. Cibc World Mkts downgraded Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 5th. Barclays reaffirmed an “overweight” rating on shares of Royal Bank Of Canada in a research note on Thursday, August 14th. Finally, National Bankshares reiterated a “sector perform” rating on shares of Royal Bank Of Canada in a research note on Friday, August 15th. Six equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $177.50.

Royal Bank Of Canada Stock Up 0.6%

The firm has a market cap of $209.45 billion, a P/E ratio of 15.76, a price-to-earnings-growth ratio of 1.48 and a beta of 0.86. The company’s 50-day simple moving average is $146.59 and its 200 day simple moving average is $136.77. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.82 and a quick ratio of 0.82.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its earnings results on Wednesday, August 27th. The financial services provider reported $2.79 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.43. Royal Bank Of Canada had a net margin of 14.03% and a return on equity of 16.12%. The firm had revenue of $12.26 billion for the quarter, compared to the consensus estimate of $16.03 billion. During the same period in the previous year, the firm posted $3.26 EPS. The business’s quarterly revenue was up 16.1% on a year-over-year basis. Research analysts anticipate that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Royal Bank Of Canada

Large investors have recently modified their holdings of the stock. Johnson Financial Group Inc. purchased a new stake in Royal Bank Of Canada in the 3rd quarter worth about $27,000. Toth Financial Advisory Corp bought a new position in shares of Royal Bank Of Canada during the third quarter valued at approximately $29,000. True Wealth Design LLC purchased a new stake in shares of Royal Bank Of Canada in the third quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Royal Bank Of Canada during the 1st quarter worth approximately $32,000. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of Royal Bank Of Canada during the 3rd quarter worth approximately $38,000. Institutional investors 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.