Royal Bank of Canada (NYSE:RY) Shares Sold by Chemung Canal Trust Co.

Chemung Canal Trust Co. cut its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 21.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,582 shares of the financial services provider’s stock after selling 965 shares during the period. Chemung Canal Trust Co.’s holdings in Royal Bank of Canada were worth $361,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Canoe Financial LP increased its position in Royal Bank of Canada by 11,061.2% during the 4th quarter. Canoe Financial LP now owns 151,142,403 shares of the financial services provider’s stock worth $15,285,031,000 after purchasing an additional 149,788,224 shares in the last quarter. Norges Bank purchased a new position in shares of Royal Bank of Canada in the 4th quarter valued at $1,898,970,000. TD Asset Management Inc boosted its position in Royal Bank of Canada by 21.7% during the 4th quarter. TD Asset Management Inc now owns 32,571,491 shares of the financial services provider’s stock worth $3,310,010,000 after purchasing an additional 5,810,077 shares during the period. Capital World Investors purchased a new position in Royal Bank of Canada in the fourth quarter valued at about $365,246,000. Finally, Clearbridge Investments LLC acquired a new position in shares of Royal Bank of Canada during the fourth quarter worth about $181,141,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank of Canada Price Performance

Shares of RY opened at $106.38 on Friday. Royal Bank of Canada has a 52 week low of $77.90 and a 52 week high of $109.51. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The firm has a market cap of $150.54 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 1.67 and a beta of 0.87. The stock has a 50 day moving average of $103.86 and a 200-day moving average of $100.72.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Thursday, May 30th. The financial services provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.12. Royal Bank of Canada had a net margin of 12.12% and a return on equity of 14.87%. The firm had revenue of $10.43 billion during the quarter, compared to analyst estimates of $9.95 billion. As a group, analysts forecast that Royal Bank of Canada will post 8.47 EPS for the current year.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Thursday, July 25th will be issued a $1.03 dividend. The ex-dividend date is Thursday, July 25th. This represents a $4.12 dividend on an annualized basis and a yield of 3.87%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.02. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 50.62%.

Wall Street Analyst Weigh In

Several analysts have issued reports on RY shares. BMO Capital Markets downgraded shares of Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 31st. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, May 31st. Barclays began coverage on Royal Bank of Canada in a research note on Wednesday, March 20th. They set an “equal weight” rating for the company. Argus upped their target price on Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Finally, Jefferies Financial Group raised shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada currently has a consensus rating of “Moderate Buy” and an average price target of $133.25.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.