Royal Bank of Canada (NYSE:RY) Short Interest Up 38.3% in March

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 8,270,000 shares, an increase of 38.3% from the March 15th total of 5,980,000 shares. Based on an average daily trading volume, of 1,330,000 shares, the days-to-cover ratio is currently 6.2 days. Currently, 0.6% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. CIBC upgraded shares of Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a research note on Friday, April 4th. Cibc World Mkts raised Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 3rd. Finally, StockNews.com raised Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Royal Bank of Canada presently has an average rating of "Buy" and an average price target of $156.50.

Institutional Investors Weigh In On Royal Bank of Canada

Institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Royal Bank of Canada during the fourth quarter worth about $2,425,519,000. Geode Capital Management LLC raised its position in shares of Royal Bank of Canada by 31.2% during the fourth quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider's stock valued at $1,027,061,000 after buying an additional 1,991,364 shares during the last quarter. APG Asset Management N.V. boosted its position in shares of Royal Bank of Canada by 1,600.9% during the fourth quarter. APG Asset Management N.V. now owns 1,427,075 shares of the financial services provider's stock worth $166,084,000 after acquiring an additional 1,343,174 shares during the last quarter. Vanguard Group Inc. grew its stake in Royal Bank of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider's stock valued at $7,136,056,000 after acquiring an additional 1,104,975 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Royal Bank of Canada by 9.0% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider's stock worth $1,338,156,000 after purchasing an additional 921,276 shares in the last quarter. Hedge funds and other institutional investors own 45.31% of the company's stock.

Royal Bank of Canada Stock Performance

Shares of NYSE:RY traded up $2.64 during mid-day trading on Tuesday, reaching $117.85. 5,486,063 shares of the company traded hands, compared to its average volume of 1,121,141. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05. The firm has a market cap of $166.37 billion, a PE ratio of 14.27, a PEG ratio of 1.80 and a beta of 0.82. The company's 50 day moving average price is $114.76 and its 200-day moving average price is $119.78. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be paid a dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada's dividend payout ratio (DPR) is 46.18%.

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.