Connor Clark & Lunn Investment Management Ltd. Buys 338,575 Shares of Royal Bank Of Canada $RY

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 3.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 11,147,980 shares of the financial services provider’s stock after buying an additional 338,575 shares during the period. Royal Bank Of Canada accounts for approximately 5.2% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its biggest holding. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.79% of Royal Bank Of Canada worth $1,642,712,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. PCJ Investment Counsel Ltd. increased its position in Royal Bank Of Canada by 2.6% during the 3rd quarter. PCJ Investment Counsel Ltd. now owns 79,960 shares of the financial services provider’s stock worth $11,783,000 after purchasing an additional 1,990 shares in the last quarter. Kepler Cheuvreux Suisse SA purchased a new stake in Royal Bank Of Canada during the third quarter worth approximately $33,112,000. Van ECK Associates Corp grew its stake in Royal Bank Of Canada by 16.9% during the third quarter. Van ECK Associates Corp now owns 42,795 shares of the financial services provider’s stock worth $6,306,000 after buying an additional 6,198 shares during the period. Capital Research Global Investors increased its position in shares of Royal Bank Of Canada by 1.7% in the third quarter. Capital Research Global Investors now owns 177,506 shares of the financial services provider’s stock worth $26,162,000 after acquiring an additional 2,946 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Royal Bank Of Canada by 3.6% in the 3rd quarter. Legal & General Group Plc now owns 8,275,134 shares of the financial services provider’s stock valued at $1,219,924,000 after acquiring an additional 287,504 shares during the period. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank Of Canada Trading Down 0.2%

RY opened at $165.07 on Thursday. Royal Bank Of Canada has a 12-month low of $106.10 and a 12-month high of $176.19. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $230.72 billion, a PE ratio of 15.80, a P/E/G ratio of 1.25 and a beta of 0.79. The firm’s fifty day moving average price is $169.11 and its 200 day moving average price is $157.55.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Thursday, February 26th. The financial services provider reported $2.94 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.13. The company had revenue of $13.18 billion during the quarter, compared to analyst estimates of $12.60 billion. Royal Bank Of Canada had a net margin of 15.28% and a return on equity of 17.12%. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period last year, the business earned $3.62 EPS. As a group, research analysts expect that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Royal Bank Of Canada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Thursday, April 23rd will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Thursday, April 23rd. Royal Bank Of Canada’s payout ratio is currently 45.93%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on RY shares. Barclays reaffirmed an “overweight” rating on shares of Royal Bank Of Canada in a research report on Thursday, February 19th. UBS Group reiterated a “buy” rating on shares of Royal Bank Of Canada in a research note on Tuesday, November 25th. TD Securities raised Royal Bank Of Canada from a “hold” rating to a “buy” rating in a research report on Thursday, December 4th. BMO Capital Markets restated an “outperform” rating on shares of Royal Bank Of Canada in a report on Wednesday, December 17th. Finally, Zacks Research downgraded shares of Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Eleven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $162.00.

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.