Royal Bank of Canada Sees Significant Decrease in Short Interest in May
Royal Bank of Canada (NYSE:RY) (TSE:RY) recently experienced a significant decrease in short interest during the month of May. As of May 31st, there were only 7,410,000 shares sold short, indicating a fall of 42.1% from the previous trading period ending on May 15th, which saw a total of 12,800,000 shares sold short. Currently, only 0.5% of Royal Bank of Canada’s shares are being sold short with the current days-to-cover ratio at a respectable 8.3 days based on an average daily trading volume of approximately 887,500 shares.
Shares in Royal Bank of Canada opened at $92.77 on Tuesday with the stock’s 50-day moving average price recorded at $95.60 and its 200-day moving average price at $97.31. The bank has had a rollercoaster year with a share price ranging between its lowest point at $83.63 per share and its highest point reported to be at $104.72 per share over the last 52 weeks.
As one of the largest banks in Canada, Royal Bank of Canada boasts an impressive market capitalization figure amounting to $129.02 billion and reports a P/E ratio standing at approximately 12.19 with a beta value recorded as low as o.o83; suggesting that it is less volatile than the wider market.
Recent data from hedge funds revealed that both Fidelity National Financial Inc., and EP Wealth Advisors LLC acquired new positions in Royal Bank during Q1 this year worth roughly $9,558m and $250K respectively whilst Macquarie Group Ltd invested around $327k into Royal Bank’s shares later during Q1 resulting in Old North State Trust LLC now holding over $3.7 million worth whilst Ameriprise Financial Inc. expanded its holdings by over 10%, gaining another 37,142 shares during the same period.
Recently, several analysts have commented on Royal Bank of Canada’s shares. CIBC lowered its sector outperform rating to neutral whilst Barclays recently rated the shares underweight in May. However, Stock News rated Royal Bank “hold” and other analysts suggest that the consensus for the stock is “Hold” with an average price target figure of $139.17 according to Bloomberg.
Finally, last May (on 25th), Royal Bank released its latest quarterly earnings data; announcing it had posted EPS at $1.95 for that period. Despite missing estimates made by analysts that predicted Q1-2017 would see the bank post EPS at around $2.07, overall net profits were positive with a return on equity of 15.36% for Q1 this year and nett margin posted at approximately 15.27%; resulting in firm-wide revenue standing at almost $9.97 billion which exceeded analyst predictions.
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Royal Bank of Canada Announces Increased Quarterly Dividend Payout to Shareholders Amidst Economic Challenges
Royal Bank of Canada (RBC) has announced an increase in their quarterly dividend payout to shareholders. On August 24th, investors who are on record as of July 26th will receive a dividend of $0.996 per share, representing an increase from the previous $0.99 per share.
This marks a continued commitment by the bank to provide value and returns to its shareholders, despite a challenging economic backdrop. In fact, RBC’s dividend payout ratio is currently at 51.38%, indicating that the bank is committed to sharing profits with shareholders while retaining sufficient funds for reinvestment.
Investors will be pleased to know that this increased quarterly dividend yields an annualized rate of $3.98 per share and a yield of 4.29%, which speaks volumes about RBC’s sound financial strategy and stable position in the market.
The ex-dividend date for this upcoming dividend payment is July 25th, underscoring the importance for investors to be aware of changes in stock ownership ahead of receiving dividends. The timely announcement serves as a proactive measure by RBC to ensure that investors have adequate time to adjust their strategies accordingly.
Overall, RBC’s latest move illustrates its commitment towards bolstering shareholder confidence by emphasizing long-term financial stability and continued growth prospects even in the face of adversity. It also highlights why many consider them among the leading banks globally when it comes not just to customer service but shareholder value propositions as well – this is an exciting turn for equity traders looking ahead especially against other solid banking names such as JPMorgan Chase & Co., Wells Fargo & Company and Citigroup Inc., competitors that will need an inventive approach or face falling behind in these unpredictable times predicted still for some time into our future or until global Central Banks can put forward a more unified strategy which has yet been fairly absent since Covid broke out ushering markets into unparalleled territory and instability regardless if funded or unfunded impacts from their Governments like we have seen around the world.