Royal Bank of Canada (NYSE:RY) Shares Sold by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV reduced its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 35.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,092 shares of the financial services provider’s stock after selling 7,799 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Royal Bank of Canada were worth $1,499,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Ridgewood Investments LLC acquired a new stake in shares of Royal Bank of Canada in the second quarter valued at $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in Royal Bank of Canada in the second quarter valued at $33,000. Mather Group LLC. acquired a new stake in Royal Bank of Canada in the first quarter valued at $49,000. Nisa Investment Advisors LLC raised its stake in Royal Bank of Canada by 293.8% in the second quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock valued at $54,000 after buying an additional 379 shares in the last quarter. Finally, Heritage Wealth Advisors acquired a new stake in Royal Bank of Canada in the fourth quarter valued at $61,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at $123.68 on Wednesday. The stock’s 50-day moving average is $115.36 and its two-hundred day moving average is $107.53. The firm has a market cap of $175.02 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 2.00 and a beta of 0.86. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $124.46. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.23. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. The company had revenue of $10.68 billion for the quarter, compared to analyst estimates of $10.40 billion. Analysts predict that Royal Bank of Canada will post 8.97 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors 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 dividend yield of 3.32%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio is currently 52.11%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. UBS Group assumed coverage on Royal Bank of Canada in a research note on Tuesday, July 2nd. They issued a “buy” rating on the stock. Argus raised their price target on 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. BMO Capital Markets raised their price target on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Finally, StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.