Royal Bank of Canada (TSE:RY) Hits New 52-Week High at $145.49

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$145.49 and last traded at C$145.44, with a volume of 775497 shares changing hands. The stock had previously closed at C$144.53.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RY. BMO Capital Markets upgraded shares of Royal Bank of Canada from a “market perform” rating to an “outperform” rating and increased their target price for the stock from C$140.00 to C$150.00 in a research report on Friday, April 5th. Canaccord Genuity Group increased their price objective on shares of Royal Bank of Canada from C$142.00 to C$146.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Jefferies Financial Group raised shares of Royal Bank of Canada from a “hold” rating to a “buy” rating and increased their price objective for the stock from C$136.00 to C$157.00 in a report on Monday, May 13th. National Bankshares increased their price objective on shares of Royal Bank of Canada from C$148.00 to C$154.00 and gave the stock an “outperform” rating in a report on Friday, May 17th. Finally, Scotiabank increased their price objective on shares of Royal Bank of Canada from C$143.00 to C$148.00 and gave the stock an “outperform” rating in a report on Friday, May 17th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$140.36.

Royal Bank of Canada Price Performance

The firm’s 50 day moving average is C$137.55 and its two-hundred day moving average is C$132.03. The firm has a market capitalization of C$202.93 billion, a P/E ratio of 13.36, a PEG ratio of 10.64 and a beta of 0.83.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its earnings results on Wednesday, February 28th. The financial services provider reported C$2.85 earnings per share for the quarter, beating the consensus estimate of C$2.79 by C$0.06. Royal Bank of Canada had a net margin of 28.61% and a return on equity of 13.66%. The business had revenue of C$13.49 billion during the quarter, compared to analysts’ expectations of C$13.65 billion. Analysts anticipate that Royal Bank of Canada will post 11.2058597 EPS for the current fiscal year.

Royal Bank of Canada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Thursday, April 25th will be given a dividend of $1.38 per share. The ex-dividend date is Wednesday, April 24th. This represents a $5.52 dividend on an annualized basis and a yield of 3.84%. Royal Bank of Canada’s dividend payout ratio (DPR) is 51.25%.

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.