Burkett Asset Management Ltd Makes New Investment in Royal Bank Of Canada $RY

Burkett Asset Management Ltd purchased a new position in Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 42,556 shares of the financial services provider’s stock, valued at approximately $7,265,000. Royal Bank Of Canada accounts for 7.3% of Burkett Asset Management Ltd’s investment portfolio, making the stock its 2nd biggest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RY. Brighton Jones LLC boosted its position in shares of Royal Bank Of Canada by 33.1% during the 4th quarter. Brighton Jones LLC now owns 2,313 shares of the financial services provider’s stock valued at $279,000 after acquiring an additional 575 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Royal Bank Of Canada by 60.9% during the 1st quarter. AQR Capital Management LLC now owns 11,779 shares of the financial services provider’s stock valued at $1,321,000 after acquiring an additional 4,460 shares during the last quarter. Sivia Capital Partners LLC boosted its position in shares of Royal Bank Of Canada by 57.7% during the 2nd quarter. Sivia Capital Partners LLC now owns 5,284 shares of the financial services provider’s stock valued at $695,000 after acquiring an additional 1,934 shares during the last quarter. Baird Financial Group Inc. boosted its position in shares of Royal Bank Of Canada by 39.1% during the 2nd quarter. Baird Financial Group Inc. now owns 13,555 shares of the financial services provider’s stock valued at $1,783,000 after acquiring an additional 3,811 shares during the last quarter. Finally, Cerity Partners LLC boosted its position in shares of Royal Bank Of Canada by 9.0% during the 2nd quarter. Cerity Partners LLC now owns 47,721 shares of the financial services provider’s stock valued at $6,279,000 after acquiring an additional 3,928 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RY. Raymond James Financial downgraded Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. Argus set a $225.00 target price on Royal Bank Of Canada in a research report on Thursday. Weiss Ratings upgraded Royal Bank Of Canada from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, June 1st. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Finally, Barclays reiterated an “overweight” rating on shares of Royal Bank Of Canada in a research report on Thursday, February 19th. Ten investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $225.00.

Royal Bank Of Canada Stock Performance

NYSE:RY opened at $199.16 on Friday. The stock’s fifty day moving average is $181.40 and its 200 day moving average is $171.56. Royal Bank Of Canada has a fifty-two week low of $126.02 and a fifty-two week high of $200.05. The firm has a market capitalization of $276.79 billion, a PE ratio of 17.89, a PEG ratio of 1.56 and a beta of 0.81. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its quarterly 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. Royal Bank Of Canada had a return on equity of 17.83% and a net margin of 15.92%.The company had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. During the same quarter in the prior year, the firm posted $3.12 EPS. Royal Bank Of Canada’s quarterly revenue was up 11.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Royal Bank Of Canada will post 11.52 earnings per share for the current 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 represents a $7.04 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, July 27th. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s payout ratio is currently 42.41%.

Royal Bank Of Canada Company Profile

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.