Royal Bank of Canada (TSE:RY) Hits New 1-Year High - Here's What Happened

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY's share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as C$175.05 and last traded at C$174.73, with a volume of 66227 shares traded. The stock had previously closed at C$174.76.

Wall Street Analysts Forecast Growth

RY has been the topic of several recent research reports. Jefferies Financial Group dropped their price objective on shares of Royal Bank of Canada from C$168.00 to C$165.00 and set a "buy" rating on the stock in a research note on Monday, August 12th. Bank of America increased their price target on shares of Royal Bank of Canada from C$162.00 to C$180.00 in a report on Thursday, August 29th. Barclays raised Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday. Desjardins increased their target price on Royal Bank of Canada from C$156.00 to C$163.00 and gave the stock a "buy" rating in a research note on Tuesday, August 6th. Finally, National Bankshares upped their price objective on Royal Bank of Canada from C$169.00 to C$181.00 in a report on Wednesday. Three analysts have rated the stock with a hold rating, seven have given a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, Royal Bank of Canada currently has a consensus rating of "Buy" and an average target price of C$168.00.

Royal Bank of Canada Stock Up 0.1 %

The firm's 50 day simple moving average is C$169.86 and its 200-day simple moving average is C$156.49. The company has a market capitalization of C$246.64 billion, a PE ratio of 15.48, a P/E/G ratio of 3.42 and a beta of 0.84.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last released its quarterly earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 EPS for the quarter, topping the consensus estimate of C$2.95 by C$0.31. The firm had revenue of C$14.63 billion for the quarter, compared to analyst estimates of C$14.27 billion. Royal Bank of Canada had a return on equity of 13.68% and a net margin of 28.67%. As a group, sell-side analysts anticipate that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Royal Bank of Canada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 22nd will be issued a $1.42 dividend. This represents a $5.68 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada's dividend payout ratio is currently 50.31%.

Insider Transactions at Royal Bank of Canada

In related news, Senior Officer Douglas Antony Guzman sold 10,000 shares of Royal Bank of Canada stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of C$164.60, for a total value of C$1,646,000.00. Following the transaction, the insider now owns 25 shares of the company's stock, valued at approximately C$4,115. This trade represents a 99.75 % decrease in their position. Also, Director David Ian Mckay sold 74,852 shares of the business's stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total value of C$12,320,115.24. In the last quarter, insiders sold 144,770 shares of company stock worth $23,959,265.

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.

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