Royal Bank of Canada (NYSE:RY) Sees Unusually-High Trading Volume

Shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) saw unusually-high trading volume on Monday . Approximately 2,671,878 shares changed hands during mid-day trading, an increase of 123% from the previous session’s volume of 1,200,299 shares.The stock last traded at $98.23 and had previously closed at $97.86.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on RY shares. Barclays initiated coverage on Royal Bank of Canada in a report on Wednesday, March 20th. They set an “equal weight” rating on the stock. BMO Capital Markets raised shares of Royal Bank of Canada from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $140.00 to $150.00 in a research report on Friday, April 5th. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Tuesday, February 6th. Finally, Jefferies Financial Group assumed coverage on Royal Bank of Canada in a research note on Thursday, February 22nd. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $137.67.

Royal Bank of Canada Stock Performance

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.11. The business’s 50 day moving average is $99.10 and its 200 day moving average is $94.60. The stock has a market capitalization of $141.23 billion, a PE ratio of 12.57, a PEG ratio of 1.71 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, February 28th. The financial services provider reported $2.11 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.05. Royal Bank of Canada had a net margin of 12.43% and a return on equity of 14.74%. The company had revenue of $9.98 billion during the quarter, compared to the consensus estimate of $10.10 billion. On average, equities research analysts predict that Royal Bank of Canada will post 8.45 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Thursday, April 25th will be given a dividend of $1.0207 per share. The ex-dividend date is Wednesday, April 24th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.02. This represents a $4.08 dividend on an annualized basis and a yield of 4.09%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 37.66%.

Hedge Funds Weigh In On Royal Bank of Canada

Several institutional investors have recently made changes to their positions in the company. DAVENPORT & Co LLC lifted its stake in shares of Royal Bank of Canada by 2.4% in the third quarter. DAVENPORT & Co LLC now owns 12,579 shares of the financial services provider’s stock worth $1,100,000 after buying an additional 292 shares in the last quarter. Wagner Wealth Management LLC grew its holdings in shares of Royal Bank of Canada by 10.7% in the third quarter. Wagner Wealth Management LLC now owns 4,419 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 427 shares during the period. Bfsg LLC raised its stake in Royal Bank of Canada by 1.2% during the third quarter. Bfsg LLC now owns 37,091 shares of the financial services provider’s stock worth $3,243,000 after purchasing an additional 450 shares during the period. PDS Planning Inc boosted its holdings in Royal Bank of Canada by 7.4% in the 3rd quarter. PDS Planning Inc now owns 3,446 shares of the financial services provider’s stock valued at $301,000 after purchasing an additional 236 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in Royal Bank of Canada by 6.7% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 24,560 shares of the financial services provider’s stock valued at $2,148,000 after acquiring an additional 1,548 shares during the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

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.