Alta Capital Management LLC Sells 2,365 Shares of Royal Bank of Canada (NYSE:RY)

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Alta Capital Management LLC reduced its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 9.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,101 shares of the financial services provider’s stock after selling 2,365 shares during the quarter. Alta Capital Management LLC’s holdings in Royal Bank of Canada were worth $1,793,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Coastal Capital Group Inc. bought a new stake in Royal Bank of Canada during the second quarter worth approximately $28,000. Capital Advisors Ltd. LLC bought a new stake in Royal Bank of Canada during the second quarter worth approximately $32,000. Boston Partners bought a new stake in Royal Bank of Canada during the second quarter worth approximately $50,000. Winslow Evans & Crocker Inc. increased its stake in Royal Bank of Canada by 34.3% during the second quarter. Winslow Evans & Crocker Inc. now owns 806 shares of the financial services provider’s stock worth $64,000 after acquiring an additional 206 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in Royal Bank of Canada during the second quarter worth approximately $77,000. 40.98% of the stock is currently owned by institutional investors.

RY has been the subject of several recent analyst reports. Scotiabank restated a “buy” rating on shares of Royal Bank of Canada in a research report on Tuesday, August 20th. ValuEngine lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Thursday, September 5th. Zacks Investment Research lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Barclays restated a “sell” rating on shares of Royal Bank of Canada in a research report on Wednesday, August 21st. Two analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $100.50.

Shares of NYSE:RY opened at $81.93 on Wednesday. Royal Bank of Canada has a 1 year low of $65.76 and a 1 year high of $82.58. The business has a 50 day simple moving average of $79.64 and a two-hundred day simple moving average of $78.38. The firm has a market capitalization of $118.26 billion, a PE ratio of 12.55, a price-to-earnings-growth ratio of 2.15 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.91.

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 Thomson Reuters’ 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 business had revenue of $11.54 billion for the quarter, compared to analysts’ expectations of $11.56 billion. During the same quarter last year, the firm earned $2.10 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts expect that Royal Bank of Canada will post 6.76 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be given a dividend of $0.796 per share. This represents a $3.18 annualized dividend and a dividend yield of 3.89%. The ex-dividend date is Wednesday, October 23rd. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.76. Royal Bank of Canada’s payout ratio is 47.78%.

Royal Bank of Canada 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.

Further Reading: Investing in Blue-Chip Stocks

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

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