Royal Bank of Canada (NYSE:RY) Sees Unusually-High Trading Volume

Royal Bank of Canada (NYSE:RY) (TSE:RY) saw strong trading volume on Monday . 2,671,878 shares were traded during mid-day trading, an increase of 123% from the previous session’s volume of 1,200,299 shares.The stock last traded at $98.23 and had previously closed at $97.86.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RY. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Tuesday, February 6th. Jefferies Financial Group began coverage on Royal Bank of Canada in a research note on Thursday, February 22nd. They set a “hold” rating for the company. Barclays initiated coverage on shares of Royal Bank of Canada in a research report on Wednesday, March 20th. They set an “equal weight” rating for the company. Finally, BMO Capital Markets raised shares of Royal Bank of Canada from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $140.00 to $150.00 in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $137.67.

Royal Bank of Canada Stock Up 0.6 %

The stock has a 50-day moving average of $99.10 and a 200-day moving average of $94.60. The company has a market cap of $141.23 billion, a PE ratio of 12.57, a P/E/G ratio of 1.71 and a beta of 0.86. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, February 28th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.05. The business had revenue of $9.98 billion during the quarter, compared to analyst estimates of $10.10 billion. Royal Bank of Canada had a net margin of 12.43% and a return on equity of 14.74%. Sell-side analysts predict that Royal Bank of Canada will post 8.45 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Thursday, April 25th will be issued a $1.0207 dividend. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.02. This represents a $4.08 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date is Wednesday, April 24th. Royal Bank of Canada’s dividend payout ratio is presently 37.66%.

Institutional Investors Weigh In On Royal Bank of Canada

Hedge funds have recently made changes to their positions in the business. Banque Cantonale Vaudoise purchased a new stake in shares of Royal Bank of Canada during the third quarter worth about $26,000. Stonehage Fleming Financial Services Holdings Ltd bought a new position in Royal Bank of Canada in the 3rd quarter worth $34,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Royal Bank of Canada in the 3rd quarter worth about $44,000. First Horizon Advisors Inc. increased its position in shares of Royal Bank of Canada by 64.7% during the fourth quarter. First Horizon Advisors Inc. now owns 471 shares of the financial services provider’s stock valued at $48,000 after buying an additional 185 shares during the period. Finally, Mather Group LLC. bought a new position in Royal Bank of Canada in the first quarter worth about $49,000. 45.31% of the stock is currently owned by institutional investors.

About Royal Bank of Canada

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.