International Assets Investment Management LLC Purchases Shares of 1,228,390 Royal Bank of Canada (NYSE:RY)

International Assets Investment Management LLC purchased a new stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,228,390 shares of the financial services provider’s stock, valued at approximately $153,217,000.

Several other large investors have also recently modified their holdings of RY. National Bank of Canada FI increased its holdings in shares of Royal Bank of Canada by 16.7% in the second quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock worth $2,141,681,000 after buying an additional 2,901,033 shares during the period. Capital World Investors increased its holdings in shares of Royal Bank of Canada by 75.0% in the first quarter. Capital World Investors now owns 6,320,246 shares of the financial services provider’s stock worth $637,460,000 after buying an additional 2,708,534 shares during the period. Canada Pension Plan Investment Board increased its holdings in shares of Royal Bank of Canada by 40.5% in the first quarter. Canada Pension Plan Investment Board now owns 5,039,171 shares of the financial services provider’s stock worth $508,739,000 after buying an additional 1,452,127 shares during the period. Vanguard Group Inc. increased its holdings in shares of Royal Bank of Canada by 1.8% in the first quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider’s stock worth $5,618,566,000 after buying an additional 964,898 shares during the period. Finally, MUFG Securities EMEA plc purchased a new position in shares of Royal Bank of Canada in the second quarter worth about $29,254,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Down 0.9 %

Shares of NYSE:RY opened at $122.47 on Friday. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $126.96. The company has a market cap of $173.30 billion, a PE ratio of 15.19, a P/E/G ratio of 2.05 and a beta of 0.86. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The stock’s 50-day moving average is $121.53 and its 200 day moving average is $111.04.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. The company had revenue of $10.68 billion for the quarter, compared to the consensus estimate of $10.40 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. Sell-side analysts anticipate that Royal Bank of Canada will post 8.91 EPS for the current year.

Royal Bank of Canada Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be given a dividend of $1.028 per share. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a yield of 3.36%. Royal Bank of Canada’s payout ratio is 51.99%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. BMO Capital Markets lifted their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Finally, UBS Group began coverage on Royal Bank of Canada in a report on Tuesday, July 2nd. They set a “buy” rating on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $142.50.

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 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.