Cumberland Partners Ltd Decreases Position in Royal Bank Of Canada $RY

Cumberland Partners Ltd reduced its stake in Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 7.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 361,003 shares of the financial services provider’s stock after selling 30,223 shares during the quarter. Royal Bank Of Canada comprises approximately 4.4% of Cumberland Partners Ltd’s portfolio, making the stock its 2nd biggest holding. Cumberland Partners Ltd’s holdings in Royal Bank Of Canada were worth $58,235,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of RY. HighTower Advisors LLC increased its position in shares of Royal Bank Of Canada by 18.5% during the 4th quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider’s stock valued at $16,407,000 after purchasing an additional 15,046 shares during the last quarter. Fisher Asset Management LLC lifted its position in Royal Bank Of Canada by 6.1% in the 4th quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider’s stock worth $1,086,601,000 after buying an additional 368,534 shares during the last quarter. Rathbones Group PLC boosted its stake in Royal Bank Of Canada by 9.0% in the fourth quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider’s stock worth $55,480,000 after buying an additional 26,782 shares in the last quarter. Indivisible Partners purchased a new stake in Royal Bank Of Canada in the fourth quarter worth approximately $7,335,000. Finally, MUFG Securities EMEA plc bought a new position in Royal Bank Of Canada during the fourth quarter valued at approximately $49,450,000. 45.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RY shares. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Raymond James Financial lowered shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Weiss Ratings cut shares of Royal Bank Of Canada from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Monday, June 29th. Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Finally, TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Ten analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $225.00.

Royal Bank Of Canada Stock Performance

Shares of RY stock opened at $209.13 on Friday. The company has a market capitalization of $289.98 billion, a P/E ratio of 18.79, a PEG ratio of 1.65 and a beta of 0.80. Royal Bank Of Canada has a fifty-two week low of $127.38 and a fifty-two week high of $218.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a 50 day moving average price of $200.93 and a two-hundred day moving average price of $180.81.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The firm had revenue of $12.84 billion for the quarter, compared to analysts’ expectations of $12.74 billion. During the same quarter last year, the business earned $3.12 earnings per share. The business’s revenue was up 11.4% on a year-over-year basis. Analysts expect that Royal Bank Of Canada will post 11.45 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be given a dividend of $1.76 per share. This represents a $7.04 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, July 27th. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s dividend payout ratio is currently 44.47%.

Royal Bank Of Canada Company Profile

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.