Harbour Investments Inc. Raises Stock Position in Royal Bank of Canada (NYSE:RY)

Harbour Investments Inc. increased its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 7.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,591 shares of the financial services provider’s stock after acquiring an additional 177 shares during the quarter. Harbour Investments Inc.’s holdings in Royal Bank of Canada were worth $276,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Orion Portfolio Solutions LLC grew its position in shares of Royal Bank of Canada by 47.4% during the first quarter. Orion Portfolio Solutions LLC now owns 16,494 shares of the financial services provider’s stock worth $1,664,000 after acquiring an additional 5,302 shares during the last quarter. Barometer Capital Management Inc. acquired a new position in Royal Bank of Canada in the fourth quarter valued at $1,984,000. UniSuper Management Pty Ltd increased its stake in Royal Bank of Canada by 91.3% in the first quarter. UniSuper Management Pty Ltd now owns 19,900 shares of the financial services provider’s stock valued at $2,008,000 after purchasing an additional 9,500 shares during the period. Allianz Asset Management GmbH raised its holdings in shares of Royal Bank of Canada by 90.3% in the fourth quarter. Allianz Asset Management GmbH now owns 224,472 shares of the financial services provider’s stock valued at $22,811,000 after buying an additional 106,531 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Royal Bank of Canada during the fourth quarter worth about $1,257,000. 45.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on RY. BMO Capital Markets upped their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday. Argus upped their price target on Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. Jefferies Financial Group upgraded shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Finally, Scotiabank raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Trading Up 0.3 %

Shares of RY stock opened at $119.20 on Friday. Royal Bank of Canada has a 1-year low of $77.90 and a 1-year high of $120.68. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The business’s fifty day moving average price is $109.92 and its 200 day moving average price is $104.19. The firm has a market capitalization of $168.68 billion, a PE ratio of 14.79, a P/E/G ratio of 1.75 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.12% and a return on equity of 14.87%. The business had revenue of $10.68 billion for the quarter, compared to analysts’ expectations of $10.40 billion. As a group, sell-side analysts forecast that Royal Bank of Canada will post 8.5 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be issued a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.45%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 51.49%.

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.