Pacer Advisors Inc. Trims Stock Holdings in Royal Bank of Canada (NYSE:RY)

Pacer Advisors Inc. trimmed its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,350 shares of the financial services provider’s stock after selling 190 shares during the period. Pacer Advisors Inc.’s holdings in Royal Bank of Canada were worth $1,314,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Ridgewood Investments LLC purchased a new position in shares of Royal Bank of Canada during the 2nd quarter valued at $27,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Royal Bank of Canada during the 2nd quarter valued at $33,000. Mather Group LLC. purchased a new position in shares of Royal Bank of Canada during the 1st quarter valued at $49,000. Nisa Investment Advisors LLC grew its position in shares of Royal Bank of Canada by 293.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 379 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Royal Bank of Canada during the 1st quarter valued at $86,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank of Canada Stock Performance

NYSE RY opened at $124.23 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market capitalization of $175.79 billion, a P/E ratio of 15.41, a P/E/G ratio of 2.01 and a beta of 0.86. The company has a fifty day moving average of $115.84 and a 200-day moving average of $107.76. Royal Bank of Canada has a 52-week low of $77.90 and a 52-week high of $124.86.

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 the consensus estimate of $2.15 by $0.23. The business had revenue of $10.68 billion during the quarter, compared to the consensus estimate of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. As a group, equities research analysts predict that Royal Bank of Canada will post 8.97 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be paid a $1.028 dividend. This represents a $4.11 annualized dividend and a yield of 3.31%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio is presently 52.11%.

Analysts Set New Price Targets

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

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.