AMG National Trust Bank raised its holdings in Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) by 27.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,220 shares of the financial services provider’s stock after buying an additional 4,800 shares during the period. AMG National Trust Bank’s holdings in Royal Bank of Canada were worth $2,001,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Bank of Montreal Can increased its stake in shares of Royal Bank of Canada by 4.2% during the 2nd quarter. Bank of Montreal Can now owns 65,946,059 shares of the financial services provider’s stock worth $6,817,816,000 after purchasing an additional 2,687,026 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Royal Bank of Canada by 257.6% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,580,147 shares of the financial services provider’s stock valued at $346,640,000 after buying an additional 2,579,121 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of Royal Bank of Canada by 6.9% during the 2nd quarter. Toronto Dominion Bank now owns 14,374,678 shares of the financial services provider’s stock worth $1,394,591,000 after acquiring an additional 924,089 shares during the period. Legal & General Group Plc increased its holdings in shares of Royal Bank of Canada by 10.3% during the 2nd quarter. Legal & General Group Plc now owns 8,400,941 shares of the financial services provider’s stock worth $811,689,000 after acquiring an additional 782,842 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Royal Bank of Canada by 55.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 2,153,661 shares of the financial services provider’s stock valued at $208,518,000 after acquiring an additional 772,045 shares during the period. 41.19% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts have commented on RY shares. StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Thursday, December 1st. Canaccord Genuity Group increased their price target on shares of Royal Bank of Canada from C$131.00 to C$136.00 and gave the company a “buy” rating in a report on Thursday, December 1st. Bank of America raised Royal Bank of Canada from an “underperform” rating to a “neutral” rating in a research report on Monday, December 12th. National Bank Financial dropped their price target on Royal Bank of Canada from C$148.00 to C$147.00 in a report on Thursday, December 1st. Finally, Barclays began coverage on Royal Bank of Canada in a report on Thursday, September 29th. They issued an “overweight” rating on the stock. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and an average price target of $140.09.
Royal Bank of Canada Stock Performance
Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last announced its quarterly earnings data on Wednesday, November 30th. The financial services provider reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.07. The business had revenue of $9.44 billion during the quarter. Royal Bank of Canada had a return on equity of 16.33% and a net margin of 23.66%. As a group, equities research analysts forecast that Royal Bank of Canada will post 8.63 earnings per share for the current fiscal year.
Royal Bank of Canada Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, February 24th. Stockholders of record on Thursday, January 26th will be paid a $0.9832 dividend. The ex-dividend date is Wednesday, January 25th. This represents a $3.93 dividend on an annualized basis and a dividend yield of 3.91%. Royal Bank of Canada’s payout ratio is currently 43.02%.
About Royal Bank of Canada
Royal Bank of Canada operates as a diversified financial service company. The company operates through five segments: Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury, and Capital Markets. The Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions, as well as indirect lending, including auto financing; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.
- Get a free copy of the StockNews.com research report on Royal Bank of Canada (RY)
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