Arkadios Wealth Advisors raised its holdings in Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) by 2.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 8,203 shares of the financial services provider’s stock after acquiring an additional 176 shares during the quarter. Arkadios Wealth Advisors’ holdings in Royal Bank of Canada were worth $1,023,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RY. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Royal Bank of Canada by 110.3% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 118 shares in the last quarter. Grove Bank & Trust purchased a new stake in Royal Bank of Canada during the 3rd quarter worth approximately $28,000. Ridgewood Investments LLC acquired a new position in Royal Bank of Canada during the 2nd quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Royal Bank of Canada in the second quarter worth $33,000. Finally, Eastern Bank acquired a new stake in shares of Royal Bank of Canada during the third quarter worth $59,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.
Royal Bank of Canada Trading Down 0.9 %
NYSE RY opened at $122.46 on Monday. The company has a fifty day moving average of $121.75 and a 200 day moving average of $111.30. The company has a market capitalization of $173.29 billion, a PE ratio of 15.19, a P/E/G ratio of 2.05 and a beta of 0.86. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $126.96.
Royal Bank of Canada Cuts Dividend
The business also recently disclosed 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 is Thursday, October 24th. This represents a $4.11 annualized dividend and a yield of 3.36%. Royal Bank of Canada’s dividend payout ratio is presently 51.99%.
Analysts Set New Price Targets
Several equities analysts recently issued reports on the company. BMO Capital Markets upped their target price on 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. StockNews.com lowered 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 Royal Bank of Canada in a report on Tuesday, July 2nd. They set a “buy” rating for the company. 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $142.50.
Get Our Latest Report on Royal Bank of Canada
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.
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