Envestnet Asset Management Inc. Has $34.62 Million Stock Position in Royal Bank of Canada (NYSE:RY)

Envestnet Asset Management Inc. boosted its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 30.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 325,463 shares of the financial services provider’s stock after acquiring an additional 75,366 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Royal Bank of Canada were worth $34,623,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently 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 Royal Bank of Canada in the second quarter valued at about $33,000. Mather Group LLC. acquired a new position in Royal Bank of Canada in the 1st quarter worth about $49,000. Nisa Investment Advisors LLC raised its stake 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 worth $54,000 after purchasing an additional 379 shares in the last quarter. Finally, Heritage Wealth Advisors acquired a new stake in shares of Royal Bank of Canada during the 4th quarter valued at about $61,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock opened at $121.84 on Friday. Royal Bank of Canada has a 1-year low of $77.90 and a 1-year high of $124.46. The firm has a fifty day simple moving average of $114.85 and a 200-day simple moving average of $107.07. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $172.41 billion, a price-to-earnings ratio of 15.12, a PEG ratio of 2.00 and a beta of 0.86.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be issued a dividend of $1.028 per share. This represents a $4.11 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is 51.49%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RY shares. BMO Capital Markets raised 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 research report on Thursday, August 29th. Argus lifted their price objective on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. StockNews.com cut 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 Royal Bank of Canada in a report on Tuesday, July 2nd. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.