Royal Bank of Canada (NYSE:RY) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 10.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 53,200 shares of the financial services provider’s stock after selling 5,900 shares during the period. Principal Financial Group Inc.’s holdings in Royal Bank of Canada were worth $6,647,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. National Bank of Canada FI boosted its holdings in Royal Bank of Canada by 16.7% in the 2nd quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock worth $2,141,681,000 after buying an additional 2,901,033 shares during the last quarter. Capital World Investors boosted its stake in shares of Royal Bank of Canada by 75.0% in the first quarter. Capital World Investors now owns 6,320,246 shares of the financial services provider’s stock worth $637,460,000 after acquiring an additional 2,708,534 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of Royal Bank of Canada by 40.5% during the first quarter. Canada Pension Plan Investment Board now owns 5,039,171 shares of the financial services provider’s stock worth $508,739,000 after purchasing an additional 1,452,127 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Royal Bank of Canada in the 3rd quarter valued at $153,217,000. Finally, MUFG Securities EMEA plc acquired a new stake in Royal Bank of Canada during the 2nd quarter worth $29,254,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank of Canada Trading Up 0.4 %

Shares of Royal Bank of Canada stock opened at $122.94 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. The firm has a market cap of $173.80 billion, a price-to-earnings ratio of 14.87, a price-to-earnings-growth ratio of 1.86 and a beta of 0.86. Royal Bank of Canada has a 52-week low of $85.02 and a 52-week high of $126.96. The company’s 50-day simple moving average is $123.37 and its 200-day simple moving average is $114.27.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. The firm had revenue of $10.68 billion for 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 anticipate that Royal Bank of Canada will post 8.88 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be given a dividend of $1.028 per share. This represents a $4.11 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio is presently 50.67%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. BMO Capital Markets increased their price objective on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Royal Bank of Canada presently has an average rating of “Moderate Buy” and an average target price of $142.50.

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.