Royal Bank of Canada Target of Unusually High Options Trading (NYSE:RY)

Royal Bank of Canada (NYSE:RY) (TSE:RY) was the target of unusually large options trading on Tuesday. Stock traders acquired 3,482 call options on the company. This represents an increase of approximately 3,604% compared to the typical daily volume of 94 call options.

Several institutional investors and hedge funds have recently modified their holdings of the stock. CIBC World Markets Inc. increased its position in shares of Royal Bank of Canada by 7.1% during the first quarter. CIBC World Markets Inc. now owns 24,154,345 shares of the financial services provider’s stock worth $1,866,889,000 after purchasing an additional 1,602,039 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Royal Bank of Canada by 273.2% during the fourth quarter. Mackenzie Financial Corp now owns 23,581,923 shares of the financial services provider’s stock worth $1,925,464,000 after purchasing an additional 17,263,862 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Royal Bank of Canada by 72.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 13,820,450 shares of the financial services provider’s stock worth $1,128,440,000 after purchasing an additional 5,799,705 shares in the last quarter. Toronto Dominion Bank increased its position in shares of Royal Bank of Canada by 23.8% during the first quarter. Toronto Dominion Bank now owns 12,559,913 shares of the financial services provider’s stock worth $969,783,000 after purchasing an additional 2,410,831 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp increased its position in shares of Royal Bank of Canada by 17.4% during the first quarter. OMERS ADMINISTRATION Corp now owns 6,675,444 shares of the financial services provider’s stock worth $515,292,000 after purchasing an additional 990,414 shares in the last quarter. Hedge funds and other institutional investors own 40.70% of the company’s stock.

Royal Bank of Canada traded down $0.62, hitting $76.31, during trading on Thursday, Marketbeat.com reports. 580,600 shares of the company traded hands, compared to its average volume of 758,082. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.13. The stock has a market cap of $110.95 billion, a P/E ratio of 12.59, a P/E/G ratio of 1.39 and a beta of 1.15. Royal Bank of Canada has a 1 year low of $69.73 and a 1 year high of $87.10.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Thursday, May 24th. The financial services provider reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.03. The company had revenue of $7.89 billion during the quarter, compared to analysts’ expectations of $7.95 billion. Royal Bank of Canada had a return on equity of 17.76% and a net margin of 21.75%. research analysts predict that Royal Bank of Canada will post 6.55 earnings per share for the current fiscal year.

Royal Bank of Canada announced that its board has approved a share buyback plan on Friday, February 23rd that allows the company to repurchase 30,000,000 shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 24th. Stockholders of record on Thursday, July 26th will be given a $0.7296 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend is Wednesday, July 25th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 48.84%.

A number of equities research analysts recently weighed in on RY shares. Macquarie raised Royal Bank of Canada from an “underperform” rating to a “neutral” rating in a research report on Friday, June 8th. Zacks Investment Research downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Tuesday, May 1st. Finally, ValuEngine downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Thursday, March 8th. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $97.20.

Royal Bank of Canada Company Profile

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.

Receive News & Ratings for Royal Bank of Canada Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Bank of Canada and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Foxconn Launches Investigation After Reports Of Harsh Working Conditions At Its Factory Foxconn has announced that it has launched investigations into allegations of harsh working conditions at its factory. The company made the announcement after China Labor Watch, which is based in the New York, published a report that indicated Amazon’s workers were being subjected to many hours of work, inadequate training, low wages as well as over dependence on temporary workers. Undercover investigation Before compiling the report, an investigator from China Labor Watch went underground and acted as a worker in the factory. He then interviewed 20 workers, as well as took time to observe the conditions. During the period of investigation, the undercover investigator secured a position in the factory to clean Echo Dot speakers using a toothbrush soaked in rubbing alcohol to remove dust.  In its investigation, China Labor Watch said around 40% of the employees at the factory were on temporary basis. This is far beyond the 10% that is legally allowed under the Chinese law. Additionally, the investigation also found out that dispatch employees were paid at the same rate for both regular and overtime hours.  According to the investigation, the company was paying dispatch workers $2.26 per hour. Additionally, workers were working over 100 hours in over time every month during peak season. This is way beyond the 36 hours of overtime allowed under the law. Additionally, some workers worked for 14 consecutive days.   Amazon’s audit  In its response, Amazon said it carried out an audit of the factory and found that dispatch workers and overtime are matters of great concern. Amazon in a statement, said following the revelation, it requested Foxconn to put in place a corrective plan. Amazon said it is currently monitoring the response from Foxconn as well as the compliance with its Supplier Code of Conduct. Amazon expressed its commitment to ensuring that the matter is fully resolved.  Echo Speakers Amazon, which is the largest online retailer in the world, sells a variety of devices. The company uses tablets and kindles to sell more digital books.   Foxconn, which is based in Taiwan is the largest manufacturer of contract electronics in the world and has a headcount of over a million people. The company, which makes Apple iPhones made headlines following as series of suicides at its plant. The suicides were linked to poor working conditions at the plant to which the company responded with a promise to improve the working conditions.
Foxconn Launches Investigation After Reports Of Harsh Working Conditions At Its Factory Foxconn has announced that it has launched investigations into allegations of harsh working conditions at its factory. The company made the announcement after China Labor Watch, which is based in the New York, published a report that indicated Amazon’s workers were being subjected to many hours of work, inadequate training, low wages as well as over dependence on temporary workers. Undercover investigation Before compiling the report, an investigator from China Labor Watch went underground and acted as a worker in the factory. He then interviewed 20 workers, as well as took time to observe the conditions. During the period of investigation, the undercover investigator secured a position in the factory to clean Echo Dot speakers using a toothbrush soaked in rubbing alcohol to remove dust. In its investigation, China Labor Watch said around 40% of the employees at the factory were on temporary basis. This is far beyond the 10% that is legally allowed under the Chinese law. Additionally, the investigation also found out that dispatch employees were paid at the same rate for both regular and overtime hours. According to the investigation, the company was paying dispatch workers $2.26 per hour. Additionally, workers were working over 100 hours in over time every month during peak season. This is way beyond the 36 hours of overtime allowed under the law. Additionally, some workers worked for 14 consecutive days. Amazon’s audit In its response, Amazon said it carried out an audit of the factory and found that dispatch workers and overtime are matters of great concern. Amazon in a statement, said following the revelation, it requested Foxconn to put in place a corrective plan. Amazon said it is currently monitoring the response from Foxconn as well as the compliance with its Supplier Code of Conduct. Amazon expressed its commitment to ensuring that the matter is fully resolved. Echo Speakers Amazon, which is the largest online retailer in the world, sells a variety of devices. The company uses tablets and kindles to sell more digital books. Foxconn, which is based in Taiwan is the largest manufacturer of contract electronics in the world and has a headcount of over a million people. The company, which makes Apple iPhones made headlines following as series of suicides at its plant. The suicides were linked to poor working conditions at the plant to which the company responded with a promise to improve the working conditions.

Leave a Reply