Varma Mutual Pension Insurance Co Invests $50.78 Million in Royal Bank Of Canada $RY

Varma Mutual Pension Insurance Co bought a new position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) during the second quarter, Holdings Channel reports. The fund bought 245,329 shares of the financial services provider’s stock, valued at approximately $50,783,000.

Several other hedge funds have also modified their holdings of RY. BOK Financial Private Wealth Inc. purchased a new position in Royal Bank Of Canada in the 2nd quarter worth about $28,000. Harvest Fund Management Co. Ltd purchased a new stake in Royal Bank Of Canada during the fourth quarter valued at about $25,000. Bell Investment Advisors Inc purchased a new stake in Royal Bank Of Canada during the second quarter valued at about $32,000. Key Financial Inc boosted its holdings in shares of Royal Bank Of Canada by 63.0% in the first quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock worth $26,000 after buying an additional 63 shares during the period. Finally, Maseco LLP boosted its holdings in shares of Royal Bank Of Canada by 355.0% in the first quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock worth $29,000 after buying an additional 142 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Argus set a $225.00 target price on shares of Royal Bank Of Canada in a research report on Thursday, June 11th. Keefe, Bruyette & Woods started coverage on shares of Royal Bank Of Canada in a research report on Friday. They issued a “market perform” rating for the company. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 12th. Raymond James Financial cut shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. Finally, Weiss Ratings raised shares of Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Royal Bank Of Canada presently has an average rating of “Moderate Buy” and an average target price of $225.00.

Royal Bank Of Canada Trading Down 0.2%

Shares of NYSE RY opened at $204.86 on Friday. Royal Bank Of Canada has a one year low of $135.97 and a one year high of $218.57. The firm has a market capitalization of $284.06 billion, a PE ratio of 18.41, a PEG ratio of 1.62 and a beta of 0.80. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $208.56 and a two-hundred day moving average price of $186.66.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.03. The company had revenue of $12.84 billion for the quarter, compared to analysts’ expectations of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The business’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.12 EPS. As a group, analysts predict that Royal Bank Of Canada will post 11.59 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be issued a dividend of $1.76 per share. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, July 27th. Royal Bank Of Canada’s dividend payout ratio is 44.56%.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.