FDx Advisors Inc. reduced its holdings in shares of Royal Bank of Canada (NYSE: RY – Get a rating) (TSE:RY) by 18.1% in Q1, according to its latest 13F filing with the Securities and Exchange Commission. The company held 2,659 shares of the financial services provider after selling 588 shares during the quarter. FDx Advisors Inc.’s holdings in Royal Bank of Canada were worth $293,000 at the end of the most recent reporting period.
Several other institutional investors have also recently changed their stock holdings. CENTRAL TRUST Co increased its position in Royal Bank of Canada shares by 14.3% during the 1st quarter. CENTRAL TRUST Co now owns 3,206 shares of the financial services provider worth $353,000 after purchasing an additional 400 shares during the period. JFS Wealth Advisors LLC increased its position in Royal Bank of Canada shares by 272.4% during the 1st quarter. JFS Wealth Advisors LLC now owns 473 shares of the financial services provider worth $52,000 after purchasing an additional 346 shares during the period. DAVENPORT & Co LLC increased its position in Royal Bank of Canada shares by 0.8% during the 1st quarter. DAVENPORT & Co LLC now owns 18,590 shares of the financial services provider worth $2,050,000 after purchasing an additional 156 shares during the period. Signaturefd LLC increased its position in Royal Bank of Canada shares by 14.0% during the first quarter. Signaturefd LLC now owns 13,782 shares of the financial services provider worth $1,520,000 after purchasing an additional 1,695 shares during the period. Finally, SG Americas Securities LLC increased its position in Royal Bank of Canada shares by 7.5% during the first quarter. SG Americas Securities LLC now owns 4,927 shares of the financial services provider worth $543,000 after purchasing an additional 344 shares during the period. 41.50% of the shares are currently held by institutional investors and hedge funds.
A Wall Street analyst gives his opinion
RY has been the subject of several analyst reports. BMO Capital Markets lowered its target price on Royal Bank of Canada from C$142.00 to C$140.00 in a research report on Friday, May 27. Scotiabank reduced its price target on Royal Bank of Canada from C$150.00 to C$147.00 in a Friday, May 20 report. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a report released Friday, July 1. Credit Suisse Group lowered its price target on Royal Bank of Canada from C$153.00 to C$152.00 in a report released Friday, May 27. Finally, Argus raised its price target on Royal Bank of Canada from $121.00 to $125.00 and gave the company a “buy” rating in a Monday, June 6 report. One equity research analyst gave the stock a sell rating, five gave the company a hold rating and ten gave the company a buy rating. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $143.84.
Royal Bank of Canada up 0.9%
NYSE RY opened at $96.53 on Friday. Royal Bank of Canada has a 52-week low of $90.75 and a 52-week high of $119.41. The stock has a market capitalization of $135.41 billion, a price/earnings ratio of 10.56, a PEG ratio of 2.11 and a beta of 0.90. The company has a debt ratio of 0.11, a quick ratio of 0.88 and a current ratio of 0.88. The stock’s 50-day moving average price is $98.45 and its two-hundred-day moving average price is $105.56.
Royal Bank of Canada (NYSE: RY – Get a rating) (TSE:RY) last reported quarterly earnings data on Thursday, May 26. The financial services provider reported earnings per share (EPS) of $2.36 for the quarter, beating analyst consensus estimates of $2.08 by $0.28. Royal Bank of Canada posted a return on equity of 17.97% and a net margin of 28.54%. The company posted revenue of $8.86 billion for the quarter. As a group, analysts expect Royal Bank of Canada to post earnings per share of 8.86 for the current fiscal year.
Royal Bank of Canada increases its dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 24. Shareholders of record on Tuesday, July 26 will receive a dividend of $0.995 per share. The ex-dividend date is Monday, July 25. This represents a dividend of $3.98 on an annualized basis and a dividend yield of 4.12%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.94. Royal Bank of Canada’s dividend payout ratio is currently 43.54%.
Profile of Royal Bank of Canada
Royal Bank of Canada is a globally diversified financial services company. The Company’s Personal and Commercial Banking segment offers checking and savings accounts, home equity financing, personal loans, private banking, indirect loans, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, commercial products and services to small and medium commercial enterprises.
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