Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) saw a significant drop in short interest during the month of May. As of May 31st, there was short interest totalling 6,420,000 shares, a drop of 49.1% from the May 15th total of 12,620,000 shares. Based on an average daily trading volume, of 945,800 shares, the days-to-cover ratio is currently 6.8 days.
A number of analysts recently issued reports on RY shares. National Bank Financial raised their price target on Royal Bank of Canada from C$147.00 to C$148.00 in a research report on Friday, May 27th. BMO Capital Markets decreased their target price on Royal Bank of Canada from C$142.00 to C$140.00 in a research report on Friday, May 27th. Argus lifted their target price on Royal Bank of Canada from $121.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 6th. Credit Suisse Group decreased their target price on Royal Bank of Canada from C$153.00 to C$152.00 in a research report on Friday, May 27th. Finally, Scotiabank cut their price target on Royal Bank of Canada from C$150.00 to C$147.00 in a research note on Friday, May 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $143.84.
Several institutional investors have recently added to or reduced their stakes in the stock. J.W. Cole Advisors Inc. acquired a new stake in shares of Royal Bank of Canada during the first quarter worth about $44,000. Vise Technologies Inc. acquired a new stake in shares of Royal Bank of Canada during the first quarter worth about $265,000. Reynolds Investment Management Inc. acquired a new position in Royal Bank of Canada in the first quarter valued at approximately $596,000. BNP Paribas Arbitrage SA acquired a new position in Royal Bank of Canada in the first quarter valued at approximately $2,648,000. Finally, Beacon Pointe Advisors LLC acquired a new position in Royal Bank of Canada in the first quarter valued at approximately $1,311,000. 41.50% of the stock is owned by hedge funds and other institutional investors.
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Royal Bank of Canada stock opened at $100.61 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 52 week low of $95.02 and a 52 week high of $119.41. The company has a market capitalization of $141.21 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 2.26 and a beta of 0.90. The stock has a 50-day moving average price of $103.65 and a 200 day moving average price of $107.31.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 24th. Investors of record on Tuesday, July 26th will be issued a dividend of $0.995 per share. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, July 25th. This represents a $3.98 dividend on an annualized basis and a dividend yield of 3.96%. Royal Bank of Canada’s payout ratio is 42.01%.
About Royal Bank of Canada (Get Rating)
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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