Wedmont Private Capital Buys 497 Shares of Royal Bank of Canada (NYSE:RY)

Wedmont Private Capital boosted its position in shares of Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) by 14.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,903 shares of the financial services provider’s stock after buying an additional 497 shares during the period. Wedmont Private Capital’s holdings in Royal Bank of Canada were worth $378,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Royal Bank of Canada by 56.8% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 290 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 105 shares in the last quarter. J.W. Cole Advisors Inc. acquired a new position in shares of Royal Bank of Canada during the 1st quarter valued at $44,000. JFS Wealth Advisors LLC boosted its stake in Royal Bank of Canada by 272.4% during the first quarter. JFS Wealth Advisors LLC now owns 473 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 346 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new position in shares of Royal Bank of Canada during the first quarter valued at about $55,000. Finally, Herold Advisors Inc. bought a new position in shares of Royal Bank of Canada during the 1st quarter worth about $89,000. Institutional investors and hedge funds own 40.46% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on RY. Canaccord Genuity Group reduced their price objective on Royal Bank of Canada from C$134.00 to C$131.50 and set a “hold” rating for the company in a research note on Thursday, August 18th. Argus raised their target price on Royal Bank of Canada from $121.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 6th. Scotiabank dropped their price objective on Royal Bank of Canada from C$147.00 to C$144.00 in a research note on Thursday, August 18th. StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, BMO Capital Markets reduced their price objective on shares of Royal Bank of Canada from C$142.00 to C$140.00 in a research report on Friday, May 27th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Royal Bank of Canada currently has an average rating of “Hold” and a consensus target price of $139.81.

Royal Bank of Canada Price Performance

Shares of NYSE:RY opened at $95.31 on Monday. The company has a 50 day moving average of $96.49 and a 200 day moving average of $101.32. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.10. The stock has a market cap of $132.75 billion, a P/E ratio of 10.99, a P/E/G ratio of 2.37 and a beta of 0.87. Royal Bank of Canada has a 12 month low of $90.75 and a 12 month high of $119.41.

Royal Bank of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 24th. Stockholders of record on Wednesday, October 26th will be given a dividend of $1.00 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.00. This represents a $4.00 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date is Tuesday, October 25th. Royal Bank of Canada’s payout ratio is 45.91%.

About Royal Bank of Canada

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Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.

See Also

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

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