Seven Eight Capital LP Acquires New Position in Royal Bank of Canada (NYSE:RY)

Seven Eight Capital LP bought a new stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 18,643 shares of the financial services provider’s stock, valued at approximately $1,983,000.

Several other institutional investors also recently made changes to their positions in the stock. Shell Asset Management Co. grew its holdings in shares of Royal Bank of Canada by 3.8% during the first quarter. Shell Asset Management Co. now owns 2,711 shares of the financial services provider’s stock valued at $274,000 after purchasing an additional 100 shares during the last quarter. HB Wealth Management LLC grew its holdings in shares of Royal Bank of Canada by 1.9% during the second quarter. HB Wealth Management LLC now owns 5,287 shares of the financial services provider’s stock valued at $562,000 after purchasing an additional 100 shares during the last quarter. Muirfield Wealth Advisors LLC grew its holdings in shares of Royal Bank of Canada by 0.6% during the second quarter. Muirfield Wealth Advisors LLC now owns 16,437 shares of the financial services provider’s stock valued at $1,749,000 after purchasing an additional 101 shares during the last quarter. Sollinda Capital Management LLC grew its holdings in shares of Royal Bank of Canada by 2.8% during the second quarter. Sollinda Capital Management LLC now owns 3,674 shares of the financial services provider’s stock valued at $391,000 after purchasing an additional 101 shares during the last quarter. Finally, Certuity LLC grew its holdings in shares of Royal Bank of Canada by 5.1% during the second quarter. Certuity LLC now owns 2,177 shares of the financial services provider’s stock valued at $232,000 after purchasing an additional 106 shares during the last quarter. 45.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Argus boosted their price objective on Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. BMO Capital Markets boosted 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, August 29th. Finally, UBS Group initiated coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Stock Performance

Shares of NYSE RY opened at $122.56 on Thursday. 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 stock has a 50 day simple moving average of $114.38 and a 200-day simple moving average of $106.78. The company has a market cap of $173.43 billion, a PE ratio of 15.21, a P/E/G ratio of 2.01 and a beta of 0.86. Royal Bank of Canada has a 12-month low of $77.90 and a 12-month high of $124.46.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be given a $1.028 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.36%. Royal Bank of Canada’s dividend payout ratio (DPR) is 52.11%.

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.