Royal Bank of Canada (NYSE:RY) Sets New 1-Year High – Still a Buy?

Royal Bank of Canada (NYSE:RY) (TSE:RY) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $127.40 and last traded at $127.40, with a volume of 11183 shares. The stock had previously closed at $124.74.

Analyst Upgrades and Downgrades

RY has been the topic of a number of recent research reports. TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. Finally, BMO Capital Markets increased their price target on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Stock Up 0.5 %

The business has a fifty day simple moving average of $123.67 and a 200 day simple moving average of $115.74. The firm has a market cap of $177.23 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 1.85 and a beta of 0.86. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87.

Hedge Funds Weigh In On Royal Bank of Canada

A number of hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in Royal Bank of Canada during the third quarter worth approximately $25,000. Dunhill Financial LLC purchased a new position in Royal Bank of Canada during the third quarter worth approximately $25,000. Larson Financial Group LLC purchased a new position in Royal Bank of Canada during the third quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new position in Royal Bank of Canada during the second quarter worth approximately $27,000. Finally, Grove Bank & Trust purchased a new position in Royal Bank of Canada during the third quarter worth approximately $28,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

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.