Sumitomo Mitsui DS Asset Management Company Ltd Makes New Investment in Royal Bank of Canada (NYSE:RY)

Sumitomo Mitsui DS Asset Management Company Ltd bought a new stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 16,663 shares of the financial services provider’s stock, valued at approximately $1,773,000.

Several other hedge funds have also made changes to their positions in RY. Orion Portfolio Solutions LLC raised its stake in Royal Bank of Canada by 47.4% during the 1st quarter. Orion Portfolio Solutions LLC now owns 16,494 shares of the financial services provider’s stock valued at $1,664,000 after acquiring an additional 5,302 shares during the last quarter. Barometer Capital Management Inc. purchased a new stake in shares of Royal Bank of Canada during the fourth quarter worth approximately $1,984,000. UniSuper Management Pty Ltd lifted its holdings in shares of Royal Bank of Canada by 91.3% during the first quarter. UniSuper Management Pty Ltd now owns 19,900 shares of the financial services provider’s stock worth $2,008,000 after purchasing an additional 9,500 shares during the period. Allianz Asset Management GmbH grew its position in Royal Bank of Canada by 90.3% in the 4th 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 position in Royal Bank of Canada in the 4th quarter valued at $1,257,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank of Canada Trading Up 1.3 %

Shares of Royal Bank of Canada stock opened at $120.78 on Friday. The company has a 50-day moving average of $110.58 and a two-hundred day moving average of $104.46. The stock has a market cap of $170.91 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 2.08 and a beta of 0.86. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. Royal Bank of Canada has a 12-month low of $77.90 and a 12-month high of $121.12.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data 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. The firm had revenue of $10.43 billion during the quarter, compared to the consensus estimate of $9.95 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. On average, research analysts anticipate that Royal Bank of Canada will post 8.9 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be given a $1.028 dividend. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio is currently 51.49%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Scotiabank upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. Jefferies Financial Group raised Royal Bank of Canada from a “hold” rating to a “buy” rating in a report on Monday, May 13th. UBS Group initiated coverage on Royal Bank of Canada in a research note on Tuesday, July 2nd. They set a “buy” rating for the company. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Finally, BMO Capital Markets increased their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Royal Bank of Canada has an average rating of “Moderate Buy” and a consensus target price of $142.50.

About Royal Bank of Canada

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.