Mackenzie Financial Corp Sells 828,830 Shares of Royal Bank of Canada (NYSE:RY)

Mackenzie Financial Corp decreased its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,169,097 shares of the financial services provider’s stock after selling 828,830 shares during the quarter. Royal Bank of Canada comprises about 4.0% of Mackenzie Financial Corp’s investment portfolio, making the stock its largest holding. Mackenzie Financial Corp’s holdings in Royal Bank of Canada were worth $2,679,932,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Ridgewood Investments LLC bought a new position in shares of Royal Bank of Canada in the second quarter worth $27,000. Ashton Thomas Private Wealth LLC acquired a new position in Royal Bank of Canada during the 2nd quarter valued at about $33,000. Mather Group LLC. acquired a new stake in shares of Royal Bank of Canada in the 1st quarter worth approximately $49,000. Nisa Investment Advisors LLC boosted its holdings in shares of 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 acquiring an additional 379 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Royal Bank of Canada during the first quarter valued at approximately $86,000. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

RY opened at $124.53 on Friday. The firm has a market capitalization of $176.22 billion, a P/E ratio of 15.45, a PEG ratio of 2.00 and a beta of 0.86. The stock has a fifty day moving average of $115.84 and a 200-day moving average of $107.76. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. Royal Bank of Canada has a 12-month low of $77.90 and a 12-month high of $124.82.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced 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 firm had revenue of $10.68 billion during the quarter, compared to the consensus estimate of $10.40 billion. Equities analysts forecast that Royal Bank of Canada will post 8.97 EPS for the current fiscal 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 3.30%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s payout ratio is presently 51.49%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. UBS Group began coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They issued a “buy” rating for the company. BMO Capital Markets raised their target price 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. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Finally, Argus raised 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 report on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average 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.