Cerity Partners LLC Has $1.15 Million Stock Holdings in Royal Bank of Canada (NYSE:RY)

Cerity Partners LLC increased its stake in shares of Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) by 457.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 11,869 shares of the financial services provider’s stock after buying an additional 9,738 shares during the period. Cerity Partners LLC’s holdings in Royal Bank of Canada were worth $1,149,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Massmutual Trust Co. FSB ADV lifted its position in 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 worth $28,000 after buying an additional 105 shares in the last quarter. Vident Investment Advisory LLC lifted its position in Royal Bank of Canada by 1.1% during the 1st quarter. Vident Investment Advisory LLC now owns 9,935 shares of the financial services provider’s stock valued at $1,095,000 after purchasing an additional 105 shares during the period. Leisure Capital Management lifted its position in Royal Bank of Canada by 1.0% during the 1st quarter. Leisure Capital Management now owns 10,790 shares of the financial services provider’s stock valued at $1,190,000 after purchasing an additional 107 shares during the period. Glassman Wealth Services lifted its position in Royal Bank of Canada by 1.6% during the 2nd quarter. Glassman Wealth Services now owns 6,666 shares of the financial services provider’s stock valued at $645,000 after purchasing an additional 107 shares during the period. Finally, Intercontinental Wealth Advisors LLC lifted its position in Royal Bank of Canada by 1.7% during the 2nd quarter. Intercontinental Wealth Advisors LLC now owns 6,706 shares of the financial services provider’s stock valued at $649,000 after purchasing an additional 110 shares during the period. Institutional investors and hedge funds own 40.46% of the company’s stock.

Royal Bank of Canada Trading Down 0.5 %

Shares of Royal Bank of Canada stock opened at $98.63 on Thursday. The business has a fifty day simple moving average of $92.85 and a two-hundred day simple moving average of $96.27. Royal Bank of Canada has a 1 year low of $83.63 and a 1 year high of $119.41. The company has a market capitalization of $136.72 billion, a price-to-earnings ratio of 11.38, a P/E/G ratio of 2.34 and a beta of 0.82. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.89 and a quick ratio of 0.89.

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) last posted its quarterly earnings data on Wednesday, August 24th. The financial services provider reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.97 by $0.01. The company had revenue of $9.43 billion for the quarter. Royal Bank of Canada had a return on equity of 16.85% and a net margin of 26.29%. Research analysts forecast that Royal Bank of Canada will post 8.42 EPS for the current year.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 24th. Investors of record on Wednesday, October 26th will be paid a $1.00 dividend. 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 4.06%. The ex-dividend date of this dividend is Tuesday, October 25th. Royal Bank of Canada’s payout ratio is currently 42.68%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RY shares. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Thursday, November 10th. Canaccord Genuity Group cut their target price on shares of Royal Bank of Canada from C$134.00 to C$131.50 and set a “hold” rating on the stock in a research report on Thursday, August 18th. Credit Suisse Group cut their target price on shares of Royal Bank of Canada from C$144.00 to C$143.00 in a research report on Thursday, August 25th. Desjardins cut their target price on shares of Royal Bank of Canada from C$143.00 to C$141.00 in a research report on Thursday, August 25th. Finally, National Bank Financial upped their price target on Royal Bank of Canada from C$147.00 to C$148.00 in a research note on Thursday, August 25th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $139.81.

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.

Further Reading

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

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