This is a stock for income investors. The press release re-confirmed the dividend and does anyone really doubt that it is in jeopardy of being cut? 5% on Canada's largest most profitable bank, which has a LONG history of increasing dividends, when 30 year mortgages are at 4 1/4%? Makes me want to buy up a hundred million in depressed U.S. real estate, and finance the mortgage payments with my RY dividends.
The stock has added billions in shareholders equity since it traded in the $60s. No real reason why it shouldn't be up there ASAP now that financial armageddon is off the table. None of those big U.S. banks reporting profits are going to cause systemic collapse, which was heavily priced into RY and hasn't been recovered.
Still a lot of buying pressure coming from the DRIP and people investing their tax refunds.