Royal Bank of Canada (NYSE:RY) Shares Purchased by Summit Financial LLC

Summit Financial LLC lifted its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 8.9% in the second quarter, HoldingsChannel reports. The firm owned 3,361 shares of the financial services provider’s stock after buying an additional 276 shares during the quarter. Summit Financial LLC’s holdings in Royal Bank of Canada were worth $358,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Canoe Financial LP increased its position in shares of Royal Bank of Canada by 11,061.2% in the 4th quarter. Canoe Financial LP now owns 151,142,403 shares of the financial services provider’s stock valued at $15,285,031,000 after purchasing an additional 149,788,224 shares during the last quarter. Vanguard Group Inc. increased its position in shares of 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 valued at $5,618,566,000 after purchasing an additional 964,898 shares during the last quarter. TD Asset Management Inc increased its position in shares of Royal Bank of Canada by 21.7% in the 4th 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 purchasing an additional 5,810,077 shares during the last quarter. Bank of Nova Scotia grew its position in shares of Royal Bank of Canada by 5.1% in the 4th 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 buying an additional 1,357,956 shares during the last quarter. Finally, FIL Ltd grew its position in shares of Royal Bank of Canada by 1.8% in the 4th quarter. FIL Ltd now owns 18,790,164 shares of the financial services provider’s stock valued at $1,900,217,000 after buying an additional 333,333 shares during the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on RY. Argus increased their target price 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. BMO Capital Markets increased their target price 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. Scotiabank raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. Jefferies Financial Group raised shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Finally, UBS Group began coverage on shares of Royal Bank of Canada in a research report on Tuesday, July 2nd. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Stock Up 0.0 %

Shares of NYSE:RY opened at $120.83 on Wednesday. The stock has a market cap of $170.98 billion, a P/E ratio of 14.99, a P/E/G ratio of 1.98 and a beta of 0.86. The firm has a fifty day moving average price of $111.16 and a 200 day moving average price of $104.90. 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 $121.22.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be paid a dividend of $1.028 per share. This represents a $4.11 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date is Thursday, October 24th. 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.