Independent Advisor Alliance Sells 2,027 Shares of Royal Bank of Canada (NYSE:RY)

Independent Advisor Alliance reduced its stake in Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) by 30.5% during the 1st quarter, HoldingsChannel reports. The firm owned 4,618 shares of the financial services provider’s stock after selling 2,027 shares during the quarter. Independent Advisor Alliance’s holdings in Royal Bank of Canada were worth $509,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. 1832 Asset Management L.P. grew its position in Royal Bank of Canada by 1.4% during the 4th quarter. 1832 Asset Management L.P. now owns 17,771,974 shares of the financial services provider’s stock worth $1,890,293,000 after acquiring an additional 249,205 shares during the last quarter. Norges Bank bought a new stake in Royal Bank of Canada during the 4th quarter worth approximately $1,635,969,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Royal Bank of Canada by 9.1% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 6,932,690 shares of the financial services provider’s stock worth $736,334,000 after acquiring an additional 577,839 shares during the last quarter. JPMorgan Chase & Co. grew its position in Royal Bank of Canada by 2.5% during the 4th quarter. JPMorgan Chase & Co. now owns 5,028,019 shares of the financial services provider’s stock worth $533,673,000 after acquiring an additional 120,571 shares during the last quarter. Finally, National Bank of Canada FI grew its position in Royal Bank of Canada by 6.2% during the 1st quarter. National Bank of Canada FI now owns 4,606,987 shares of the financial services provider’s stock worth $506,904,000 after acquiring an additional 268,113 shares during the last quarter. 41.50% of the stock is currently owned by institutional investors.

Royal Bank of Canada Stock Performance

RY stock opened at $97.77 on Friday. The business’s fifty day moving average is $98.08 and its 200-day moving average is $104.77. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.11. The company has a market cap of $136.35 billion, a P/E ratio of 10.70, a price-to-earnings-growth ratio of 2.16 and a beta of 0.87. Royal Bank of Canada has a twelve month low of $90.75 and a twelve month high of $119.41.

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) last posted its quarterly earnings results on Thursday, May 26th. The financial services provider reported $2.36 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.28. Royal Bank of Canada had a return on equity of 17.97% and a net margin of 28.54%. The company had revenue of $8.86 billion for the quarter. Equities research analysts forecast that Royal Bank of Canada will post 8.86 EPS for the current year.

Royal Bank of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 24th. Investors of record on Tuesday, July 26th will be given a $0.995 dividend. The ex-dividend date is Monday, July 25th. This represents a $3.98 dividend on an annualized basis and a dividend yield of 4.07%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.94. Royal Bank of Canada’s dividend payout ratio is currently 43.54%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Argus increased their price target on Royal Bank of Canada from $121.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 6th. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, July 1st. National Bank Financial upped their price objective on Royal Bank of Canada from C$147.00 to C$148.00 in a report on Friday, May 27th. Credit Suisse Group reduced their price objective on Royal Bank of Canada from C$153.00 to C$152.00 in a report on Friday, May 27th. Finally, BMO Capital Markets reduced their price objective on Royal Bank of Canada from C$142.00 to C$140.00 in a report on Friday, May 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada currently has an average rating of “Moderate Buy” and an average price target of $143.84.

Royal Bank of Canada Company Profile

(Get Rating)

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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