Royal Bank of Canada (NYSE:RY) Stock Position Decreased by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC cut its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 80,436 shares of the financial services provider’s stock after selling 1,400 shares during the period. Janney Montgomery Scott LLC’s holdings in Royal Bank of Canada were worth $10,033,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Orion Portfolio Solutions LLC grew its position in Royal Bank of Canada by 47.4% during the 1st quarter. Orion Portfolio Solutions LLC now owns 16,494 shares of the financial services provider’s stock worth $1,664,000 after purchasing an additional 5,302 shares in the last quarter. UniSuper Management Pty Ltd grew its holdings in shares of Royal Bank of Canada by 91.3% during the first quarter. UniSuper Management Pty Ltd now owns 19,900 shares of the financial services provider’s stock valued at $2,008,000 after buying an additional 9,500 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Royal Bank of Canada by 1.8% during the second quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock valued at $1,118,150,000 after buying an additional 190,341 shares in the last quarter. Creative Planning lifted its stake in Royal Bank of Canada by 6.4% in the 3rd quarter. Creative Planning now owns 211,411 shares of the financial services provider’s stock worth $26,369,000 after acquiring an additional 12,693 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Royal Bank of Canada during the 2nd quarter worth about $3,787,000. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Stock Up 1.5 %

Shares of Royal Bank of Canada stock opened at $124.55 on Friday. The firm has a market cap of $176.07 billion, a price-to-earnings ratio of 15.06, a P/E/G ratio of 1.87 and a beta of 0.86. The stock has a 50-day simple moving average of $123.03 and a 200-day simple moving average of $112.60. Royal Bank of Canada has a 52-week low of $83.57 and a 52-week high of $126.96. 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 (NYSE:RY) (TSE:RY) last posted its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The firm had revenue of $10.68 billion during the quarter, compared to analysts’ expectations of $10.40 billion. On average, equities research analysts expect that Royal Bank of Canada will post 8.88 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be issued a $1.028 dividend. This represents a $4.11 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio is presently 50.67%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RY. BMO Capital Markets upped their target price on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Royal Bank of Canada presently has an average 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.