Meeder Asset Management Inc. Invests $77,000 in Royal Bank of Canada (NYSE:RY)

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Meeder Asset Management Inc. acquired a new position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 968 shares of the financial services provider’s stock, valued at approximately $77,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in Royal Bank of Canada in the first quarter worth approximately $332,201,000. Toronto Dominion Bank lifted its position in shares of Royal Bank of Canada by 10.4% during the 1st quarter. Toronto Dominion Bank now owns 19,629,673 shares of the financial services provider’s stock valued at $1,481,311,000 after acquiring an additional 1,853,129 shares during the last quarter. State of Tennessee Treasury Department acquired a new stake in shares of Royal Bank of Canada during the 1st quarter valued at $86,128,000. TD Asset Management Inc. lifted its position in shares of Royal Bank of Canada by 1.3% during the 1st quarter. TD Asset Management Inc. now owns 37,487,585 shares of the financial services provider’s stock valued at $2,829,072,000 after acquiring an additional 491,062 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Royal Bank of Canada by 78.1% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 891,283 shares of the financial services provider’s stock valued at $70,444,000 after acquiring an additional 390,959 shares during the last quarter. Institutional investors and hedge funds own 41.47% of the company’s stock.

Shares of NYSE:RY opened at $73.49 on Wednesday. The company’s fifty day moving average is $77.50 and its two-hundred day moving average is $77.76. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.13. Royal Bank of Canada has a 12-month low of $65.76 and a 12-month high of $81.56. The company has a market cap of $105.58 billion, a P/E ratio of 11.25, a price-to-earnings-growth ratio of 1.94 and a beta of 1.09.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, August 21st. The financial services provider reported $1.69 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.73 by ($0.04). Royal Bank of Canada had a net margin of 19.66% and a return on equity of 17.18%. The firm had revenue of $11.54 billion for the quarter, compared to analyst estimates of $11.56 billion. During the same period last year, the firm earned $2.10 earnings per share. Royal Bank of Canada’s revenue for the quarter was up 4.7% compared to the same quarter last year. Equities research analysts anticipate that Royal Bank of Canada will post 6.76 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be paid a $0.796 dividend. The ex-dividend date is Wednesday, October 23rd. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.76. This represents a $3.18 dividend on an annualized basis and a dividend yield of 4.33%. Royal Bank of Canada’s dividend payout ratio is 47.78%.

A number of equities research analysts have recently commented on the company. Desjardins reiterated a “buy” rating and set a $111.00 price objective on shares of Royal Bank of Canada in a research report on Thursday, May 16th. Scotiabank reiterated a “buy” rating on shares of Royal Bank of Canada in a research report on Tuesday, August 20th. Barclays reiterated a “sell” rating on shares of Royal Bank of Canada in a research report on Wednesday, August 21st. BMO Capital Markets reiterated a “hold” rating on shares of Royal Bank of Canada in a research report on Thursday, May 23rd. Finally, Zacks Investment Research downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $100.00.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.

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Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

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