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Royal Bank of Canada (NYSE:RY) Sees Strong Trading Volume - Still a Buy?

Royal Bank of Canada logo with Finance background

Shares of Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY saw strong trading volume on Tuesday . 3,330,852 shares were traded during trading, an increase of 213% from the previous session's volume of 1,063,929 shares.The stock last traded at $124.39 and had previously closed at $124.99.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. BMO Capital Markets raised their price objective on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an "outperform" rating in a research note on Thursday, August 29th. UBS Group initiated coverage on shares of Royal Bank of Canada in a research note on Tuesday, July 2nd. They issued a "buy" rating for the company. Finally, StockNews.com lowered shares of Royal Bank of Canada from a "hold" rating to a "sell" rating in a research note on Saturday, July 20th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $142.50.

Check Out Our Latest Analysis on Royal Bank of Canada

Royal Bank of Canada Price Performance

The firm's fifty day simple moving average is $120.98 and its two-hundred day simple moving average is $110.85. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. The firm has a market cap of $176.84 billion, a PE ratio of 15.13, a P/E/G ratio of 2.06 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 EPS for the quarter, beating the consensus estimate of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The business had revenue of $10.68 billion during the quarter, compared to analyst estimates of $10.40 billion. As a group, research analysts expect that Royal Bank of Canada will post 8.91 EPS for the current year.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be paid a $1.028 dividend. This represents a $4.11 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada's dividend payout ratio is presently 50.18%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. National Bank of Canada FI raised its position in Royal Bank of Canada by 16.7% during the 2nd quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider's stock worth $2,141,681,000 after buying an additional 2,901,033 shares during the last quarter. Capital World Investors boosted its stake in Royal Bank of Canada by 75.0% during the 1st quarter. Capital World Investors now owns 6,320,246 shares of the financial services provider's stock worth $637,460,000 after purchasing an additional 2,708,534 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in Royal Bank of Canada by 40.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,039,171 shares of the financial services provider's stock worth $508,739,000 after purchasing an additional 1,452,127 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Royal Bank of Canada by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider's stock valued at $5,618,566,000 after acquiring an additional 964,898 shares during the last quarter. Finally, MUFG Securities EMEA plc acquired a new position in shares of Royal Bank of Canada during the 2nd quarter valued at about $29,254,000. Hedge funds and other institutional investors own 45.31% of the company's stock.

Royal Bank of Canada Company Profile

(Get Free Report)

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.

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