EverSource Wealth Advisors LLC Acquires 253 Shares of Royal Bank of Canada (NYSE:RY)

EverSource Wealth Advisors LLC lifted its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 23.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,341 shares of the financial services provider’s stock after purchasing an additional 253 shares during the period. EverSource Wealth Advisors LLC’s holdings in Royal Bank of Canada were worth $150,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Orion Portfolio Solutions LLC lifted its position in Royal Bank of Canada by 17.9% in the fourth quarter. Orion Portfolio Solutions LLC now owns 11,192 shares of the financial services provider’s stock valued at $1,134,000 after purchasing an additional 1,697 shares during the last quarter. Parallel Advisors LLC grew its holdings in Royal Bank of Canada by 12.1% in the 4th quarter. Parallel Advisors LLC now owns 4,652 shares of the financial services provider’s stock worth $470,000 after acquiring an additional 503 shares during the last quarter. Allianz Asset Management GmbH raised its stake in shares of Royal Bank of Canada by 90.3% during 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 acquiring an additional 106,531 shares during the last quarter. Capstone Investment Advisors LLC boosted its holdings in shares of Royal Bank of Canada by 64.6% during the fourth quarter. Capstone Investment Advisors LLC now owns 6,111 shares of the financial services provider’s stock worth $618,000 after purchasing an additional 2,398 shares during the period. Finally, Letko Brosseau & Associates Inc. grew its stake in shares of Royal Bank of Canada by 3.7% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 2,075,188 shares of the financial services provider’s stock worth $210,887,000 after purchasing an additional 74,854 shares during the last quarter. 45.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets lifted 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. UBS Group started coverage on shares of Royal Bank of Canada in a research 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 research report on Saturday, July 20th. Finally, Argus increased their target price 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. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Price Performance

Shares of NYSE RY opened at $124.53 on Friday. The company has a 50 day simple moving average of $115.59 and a two-hundred day simple moving average of $107.64. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $124.82. The company has a market capitalization of $176.22 billion, a price-to-earnings ratio of 15.45, a P/E/G ratio of 2.00 and a beta of 0.86. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87.

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

Royal Bank of Canada Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be paid a dividend of $1.028 per share. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.30%. Royal Bank of Canada’s dividend payout ratio is currently 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.