1832 Asset Management L.P. Decreases Holdings in Royal Bank of Canada (NYSE:RY)

1832 Asset Management L.P. reduced its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,040,092 shares of the financial services provider’s stock after selling 458,138 shares during the quarter. Royal Bank of Canada makes up approximately 1.6% of 1832 Asset Management L.P.’s investment portfolio, making the stock its 2nd biggest position. 1832 Asset Management L.P.’s holdings in Royal Bank of Canada were worth $1,919,105,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Royal Bank of Canada by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider’s stock worth $5,618,566,000 after purchasing an additional 964,898 shares during the period. TD Asset Management Inc raised its holdings in Royal Bank of Canada by 21.7% during the fourth quarter. TD Asset Management Inc now owns 32,571,491 shares of the financial services provider’s stock valued at $3,310,010,000 after acquiring an additional 5,810,077 shares during the period. Bank of Nova Scotia raised its holdings in Royal Bank of Canada by 5.1% during the fourth quarter. Bank of Nova Scotia now owns 28,024,917 shares of the financial services provider’s stock valued at $2,834,219,000 after acquiring an additional 1,357,956 shares during the period. National Bank of Canada FI raised its holdings in Royal Bank of Canada by 16.7% during the second quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock valued at $2,141,681,000 after acquiring an additional 2,901,033 shares during the period. Finally, FIL Ltd raised its holdings in Royal Bank of Canada by 1.8% during the fourth quarter. FIL Ltd now owns 18,790,164 shares of the financial services provider’s stock valued at $1,900,217,000 after acquiring an additional 333,333 shares during the period. 45.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on RY. UBS Group began coverage on Royal Bank of Canada in a report on Tuesday, July 2nd. They set a “buy” rating on the stock. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. BMO Capital Markets raised their price target on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, Argus raised their price target on Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, June 6th. One equities research 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, the company currently has an average rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Trading Down 0.9 %

Shares of Royal Bank of Canada stock opened at $121.92 on Friday. The firm has a market cap of $172.53 billion, a price-to-earnings ratio of 15.13, a PEG ratio of 2.00 and a beta of 0.86. The business has a 50-day moving average price of $114.85 and a 200-day moving average price of $107.13. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. Royal Bank of Canada has a twelve month low of $77.90 and a twelve month high of $124.46.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. The firm had revenue of $10.68 billion during the quarter, compared to analyst estimates of $10.40 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. Equities research analysts anticipate that Royal Bank of Canada will post 8.97 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be given a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 annualized dividend and a yield of 3.37%. Royal Bank of Canada’s dividend payout ratio is currently 51.49%.

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.