Royal Bank Of Canada (NYSE:RY – Get Free Report) (TSE:RY) was the target of a significant drop in short interest in the month of September. As of September 15th, there was short interest totaling 2,530,636 shares, a drop of 51.9% from the August 31st total of 5,258,072 shares. Based on an average daily trading volume, of 843,979 shares, the short-interest ratio is presently 3.0 days. Approximately 0.2% of the company’s stock are short sold.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on the company. Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a research report on Friday, August 28th. TD Securities restated a “buy” rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. Argus set a $225.00 price target on Royal Bank Of Canada in a research note on Thursday, June 11th. Keefe, Bruyette & Woods began coverage on Royal Bank Of Canada in a report on Friday, August 21st. They issued a “market perform” rating for the company. Finally, Barclays reissued an “overweight” rating on shares of Royal Bank Of Canada in a research report on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $225.00.
Check Out Our Latest Stock Analysis on Royal Bank Of Canada
Royal Bank Of Canada Stock Down 1.5%
Royal Bank Of Canada (NYSE:RY – Get Free Report) (TSE:RY) last released its quarterly earnings data on Thursday, August 27th. The financial services provider reported $3.07 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.18. The business had revenue of $13.22 billion during the quarter, compared to analyst estimates of $12.98 billion. Royal Bank Of Canada had a net margin of 16.17% and a return on equity of 17.79%. On average, analysts expect that Royal Bank Of Canada will post 11.83 EPS for the current fiscal year.
Royal Bank Of Canada Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Monday, October 26th will be issued a dividend of C$1.76 per share. The ex-dividend date is Monday, October 26th. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.6%. Royal Bank Of Canada’s dividend payout ratio is presently 44.44%.
Hedge Funds Weigh In On Royal Bank Of Canada
A number of hedge funds have recently added to or reduced their stakes in RY. The Manufacturers Life Insurance Company purchased a new position in shares of Royal Bank Of Canada in the second quarter worth $2,296,717,000. M. Kulyk & Associates LLC purchased a new stake in shares of Royal Bank Of Canada during the second quarter valued at $2,953,000. Legal & General Group Plc purchased a new stake in shares of Royal Bank Of Canada during the second quarter valued at $1,645,758,000. Korea Investment CORP bought a new stake in Royal Bank Of Canada in the 2nd quarter worth about $175,489,000. Finally, Main Street Research LLC purchased a new position in Royal Bank Of Canada in the 1st quarter worth about $36,007,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.
About Royal Bank Of Canada
Royal Bank of Canada (NYSE: RY) is a diversified financial services company headquartered in Toronto, Canada. Founded in 1864, it operates under the RBC brand and serves individuals, businesses, institutional clients and governments.
RBC provides personal and commercial banking services, including deposit accounts, lending, mortgages, credit cards, payment solutions and financial advice. Its wealth management operations offer investment management, brokerage, trust, private banking and financial planning services to individuals, families and institutions.
Through RBC Capital Markets, the company provides investment banking, corporate banking, securities, sales and trading, and financial advisory services.
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