Mercer Global Advisors Inc. ADV reduced its holdings in Royal Bank of Canada (NYSE: RY – Get a rating) (TSE:RY) by 4.8% in the first quarter, HoldingsChannel reports. The company held 15,114 shares of the financial services provider after selling 765 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Royal Bank of Canada were worth $1,667,000 when it last filed with the SEC.
A number of other hedge funds and other institutional investors also changed their positions in RY. 1832 Asset Management LP increased its position in Royal Bank of Canada by 1.4% in the fourth quarter. 1832 Asset Management LP now owns 17,771,974 shares of the financial services provider valued at $1,890,293,000 after purchasing an additional 249,205 shares in the last quarter. Norges Bank bought a new position in shares of Royal Bank of Canada during the 4th quarter at a value of $1,635,969,000. The Toronto Dominion Bank increased its position in the Royal Bank of Canada by 1.3% in the 1st quarter. The Toronto-Dominion Bank now owns 13,450,589 shares of the financial services provider worth $1,485,878,000 after purchasing an additional 174,908 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Royal Bank of Canada by 9.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 6,932,690 shares of the financial services provider valued at $736,334,000 after acquiring an additional 577,839 shares last quarter. Finally, JPMorgan Chase & Co. increased its stake in Royal Bank of Canada shares by 2.5% in the 4th quarter. JPMorgan Chase & Co. now owns 5,028,019 shares of the financial services provider valued at $533,673,000 after buying an additional 120,571 shares in the last quarter. Institutional investors hold 41.50% of the company’s shares.
Changes to analyst ratings
RY has been the subject of a number of recent analyst reports. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a Thursday, Aug. 18 research note. TD Securities lowered its price target on Royal Bank of Canada shares from C$150.00 to C$145.00 in a Friday, May 27 research report. Argus raised its price target on Royal Bank of Canada shares from $121.00 to $125.00 and gave the company a “buy” rating in a Monday, June 6 report. Keefe, Bruyette & Woods downgraded Royal Bank of Canada from a ‘market performance’ rating to an ‘underperformance’ rating and lowered their target price for the stock from C$132.00 to 118 C$.00 in a Monday, August 8 report. Finally, BMO Capital Markets cut its price target on Royal Bank of Canada from C$142.00 to C$140.00 in a Friday, May 27 report. Three research analysts rated the stock with a sell rating, four issued a hold rating and nine assigned the company a buy rating. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $140.66.
Royal Bank of Canada shares fall 0.3%
Shares of NYSE RY opened at $97.52 on Wednesday. The company has a debt ratio of 0.11, a quick ratio of 0.88 and a current ratio of 0.88. The company’s 50-day moving average price is $97.03 and its 200-day moving average price is $103.42. Royal Bank of Canada has a 52-week low of $90.75 and a 52-week high of $119.41. The company has a market capitalization of $136.00 billion, a P/E ratio of 10.67, a price-to-earnings growth ratio of 2.20 and a beta of 0.87.
Royal Bank of Canada (NYSE: RY – Get a rating) (TSE:RY) last announced its quarterly results on Thursday, May 26. The financial services provider reported earnings per share (EPS) of $2.36 for the quarter, beating the consensus estimate 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. Stock analysts expect Royal Bank of Canada to post earnings per share of 8.78 for the current 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. This represents a dividend of $3.98 on an annualized basis and a yield of 4.08%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, July 25. Royal Bank of Canada’s 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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