Royal Bank Of Canada (NYSE:RY) Share Price Crosses Above 50 Day Moving Average – Here’s Why

Royal Bank Of Canada (NYSE:RY) (TSE:RY)’s stock price crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $202.35 and traded as high as $203.00. Royal Bank Of Canada shares last traded at $202.7680, with a volume of 3,397,283 shares changing hands.

Analyst Upgrades and Downgrades

RY has been the topic of several analyst reports. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 19th. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 12th. Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a report on Friday, August 28th. Keefe, Bruyette & Woods started coverage on Royal Bank Of Canada in a research note on Friday, August 21st. They issued a “market perform” rating for the company. Finally, Weiss Ratings raised Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Royal Bank Of Canada has an average rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Price Performance

The business’s 50 day moving average price is $202.35 and its 200 day moving average price is $188.27. The stock has a market capitalization of $280.62 billion, a P/E ratio of 17.74, a price-to-earnings-growth ratio of 1.80 and a beta of 0.80. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.81.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Thursday, August 27th. The financial services provider reported $3.07 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.18. The firm had revenue of $13.22 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Royal Bank Of Canada had a net margin of 16.17% and a return on equity of 17.79%. Sell-side analysts forecast that Royal Bank Of Canada will post 11.83 EPS for the current year.

Royal Bank Of Canada Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Monday, October 26th will be issued a dividend of C$1.76 per share. This represents a $7.04 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, October 26th. Royal Bank Of Canada’s dividend payout ratio is presently 43.39%.

Hedge Funds Weigh In On Royal Bank Of Canada

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bank of Nova Scotia bought a new stake in shares of Royal Bank Of Canada in the second quarter worth $2,549,157,000. The Manufacturers Life Insurance Company purchased a new stake in Royal Bank Of Canada during the second quarter valued at $2,296,717,000. Canada Pension Plan Investment Board purchased a new stake in Royal Bank Of Canada during the second quarter valued at $2,275,797,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Royal Bank Of Canada in the second quarter valued at about $2,260,820,000. Finally, Legal & General Group Plc bought a new position in Royal Bank Of Canada in the second quarter valued at about $1,645,758,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company headquartered in Toronto, Canada. Founded in 1864, it operates under the RBC brand and provides banking, wealth management, capital markets, insurance and investor services to individuals, businesses, institutions and governments.

RBC’s personal and commercial banking operations offer deposit accounts, lending, mortgages, credit cards, payment services and financial advice. Its wealth management business provides investment management, private banking, trust, brokerage and advisory services, while RBC Capital Markets delivers investment banking, sales and trading, research and corporate finance services.