RBC Sees Significant Decline in Short Interest as Record Earnings Boost Stock
Royal Bank of Canada (RY) saw a significant decline in short interest in August, according to MarketBeat. As of August 14th, there was a drop of 49.5% from the July 30th total of 6,630,140 shares to 3,350,969 shares.
Currently, only 0.2% of the company's shares are short sold, and the days-to-cover ratio is currently 2.7 days based on an average daily trading volume of 1,253,902 shares.
Analysts have weighed in on the stock with Keefe, Bruyette & Woods issuing a 'market perform' rating, Raymond James Financial downgrading from 'outperform' to 'market perform', and Weiss Ratings raising its rating from 'buy (b+)' to 'buy (a-)
The company has reported record quarterly results that beat expectations. RBC reported third-quarter net income of C$6.02 billion, or C$4.23 per share, up from C$5.41 billion and C$3.75 per share a year earlier.