Royal Bank of Canada (TSE:RY) Sets New 52-Week High - Here's What Happened

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY's share price reached a new 52-week high on Friday . The stock traded as high as C$169.56 and last traded at C$169.55, with a volume of 621306 shares changing hands. The stock had previously closed at C$167.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RY shares. BMO Capital Markets raised their price objective on shares of Royal Bank of Canada from C$151.00 to C$165.00 and gave the stock a "strong-buy" rating in a report on Thursday, August 29th. Canaccord Genuity Group upped their price objective on Royal Bank of Canada from C$159.50 to C$172.00 in a research report on Thursday, August 29th. Jefferies Financial Group decreased their price objective on Royal Bank of Canada from C$168.00 to C$165.00 and set a "buy" rating for the company in a report on Monday, August 12th. TD Securities boosted their target price on Royal Bank of Canada from C$171.00 to C$178.00 in a research note on Thursday, August 29th. Finally, Bank of America raised their price target on shares of Royal Bank of Canada from C$162.00 to C$180.00 in a research note on Thursday, August 29th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of C$163.38.

Royal Bank of Canada Stock Up 2.0 %

The company has a market cap of C$240.24 billion, a P/E ratio of 15.03, a price-to-earnings-growth ratio of 10.64 and a beta of 0.84. The stock has a 50 day moving average price of C$160.00 and a two-hundred day moving average price of C$148.83.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last posted its quarterly earnings data on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share 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 analysts' expectations of C$14.27 billion. Royal Bank of Canada had a return on equity of 13.68% and a net margin of 28.67%. Equities analysts anticipate that Royal Bank of Canada will post 12.8820355 EPS for the current year.

Royal Bank of Canada Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 22nd will be paid a $1.42 dividend. This represents a $5.68 annualized dividend and a yield of 3.33%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada's dividend payout ratio (DPR) is 50.31%.

Insider Buying and Selling at Royal Bank of Canada

In related news, Director David Ian Mckay sold 74,852 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total transaction of C$12,320,115.24. In other Royal Bank of Canada news, Senior Officer Douglas Antony Guzman sold 7,500 shares of the firm's stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of C$166.96, for a total value of C$1,252,207.50. Following the transaction, the insider now directly owns 25 shares of the company's stock, valued at C$4,174.03. This trade represents a 0.00 % decrease in their position. Also, Director David Ian Mckay sold 74,852 shares of the company's stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total transaction of C$12,320,115.24. Insiders sold 144,770 shares of company stock valued at $23,959,265 in the last quarter.

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.