Short Interest in Royal Bank of Canada (NYSE:RY) Declines By 41.1%

Royal Bank of Canada (NYSE:RY) (TSE:RY) was the target of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 10,630,000 shares, a decline of 41.1% from the October 31st total of 18,060,000 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average daily volume of 1,060,000 shares, the short-interest ratio is currently 10.0 days.

Wall Street Analysts Forecast Growth

RY has been the topic of several research analyst reports. TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Barclays raised Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. Finally, BMO Capital Markets upped their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and an average target price of $142.50.

Hedge Funds Weigh In On Royal Bank of Canada

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Addison Advisors LLC raised its position in Royal Bank of Canada by 9.5% in the 3rd quarter. Addison Advisors LLC now owns 945 shares of the financial services provider’s stock valued at $118,000 after purchasing an additional 82 shares during the last quarter. Mount Yale Investment Advisors LLC lifted its position in shares of Royal Bank of Canada by 1.6% during the 2nd quarter. Mount Yale Investment Advisors LLC now owns 5,823 shares of the financial services provider’s stock valued at $619,000 after acquiring an additional 92 shares during the period. Drive Wealth Management LLC boosted its position in Royal Bank of Canada by 3.4% during the third quarter. Drive Wealth Management LLC now owns 2,799 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 92 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of Royal Bank of Canada by 1.6% in the 3rd quarter. Private Advisor Group LLC now owns 6,160 shares of the financial services provider’s stock worth $768,000 after buying an additional 95 shares in the last quarter. Finally, HB Wealth Management LLC raised its holdings in shares of Royal Bank of Canada by 1.9% in the second quarter. HB Wealth Management LLC now owns 5,287 shares of the financial services provider’s stock worth $562,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

Shares of NYSE:RY traded up $1.12 during trading on Thursday, reaching $125.27. The stock had a trading volume of 1,399,717 shares, compared to its average volume of 1,094,776. The stock has a market cap of $177.09 billion, a PE ratio of 15.15, a PEG ratio of 1.92 and a beta of 0.86. The business has a fifty day moving average price of $123.49 and a 200-day moving average price of $115.11. Royal Bank of Canada has a 1-year low of $85.02 and a 1-year high of $126.96. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.23. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. The company had revenue of $10.68 billion during the quarter, compared to analyst estimates of $10.40 billion. On average, equities analysts forecast that Royal Bank of Canada will post 8.37 earnings per share for the current fiscal year.

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.