Ninepoint Partners LP Makes New Investment in Royal Bank Of Canada $RY

Ninepoint Partners LP purchased a new stake in Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 143,827 shares of the financial services provider’s stock, valued at approximately $29,768,000. Royal Bank Of Canada comprises 2.3% of Ninepoint Partners LP’s portfolio, making the stock its 9th largest holding.

Several other large investors have also recently modified their holdings of RY. Vanguard Group Inc. lifted its holdings in shares of Royal Bank Of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider’s stock worth $11,529,165,000 after purchasing an additional 1,290,142 shares during the period. FIL Ltd increased its holdings in Royal Bank Of Canada by 1.1% in the fourth quarter. FIL Ltd now owns 23,258,871 shares of the financial services provider’s stock valued at $3,965,133,000 after purchasing an additional 255,465 shares during the period. Norges Bank bought a new position in Royal Bank Of Canada during the 4th quarter worth $3,472,382,000. Bank of Nova Scotia raised its position in Royal Bank Of Canada by 1.6% during the 4th quarter. Bank of Nova Scotia now owns 15,233,532 shares of the financial services provider’s stock worth $2,596,904,000 after purchasing an additional 238,589 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Royal Bank Of Canada by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider’s stock worth $2,389,773,000 after buying an additional 882,253 shares during the period. Institutional investors own 45.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Argus set a $225.00 price objective on Royal Bank Of Canada in a research report on Thursday, June 11th. Weiss Ratings raised Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, July 29th. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. Finally, Raymond James Financial downgraded shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Stock Performance

Shares of RY opened at $205.27 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. The firm’s fifty day simple moving average is $208.46 and its two-hundred day simple moving average is $186.53. Royal Bank Of Canada has a 12 month low of $135.92 and a 12 month high of $218.57. The stock has a market capitalization of $284.63 billion, a P/E ratio of 18.44, a price-to-earnings-growth ratio of 1.64 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.03. The firm had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The business’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period last year, the company posted $3.12 EPS. As a group, analysts predict that Royal Bank Of Canada will post 11.47 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be issued a $1.76 dividend. The ex-dividend date is Monday, July 27th. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a yield of 3.4%. Royal Bank Of Canada’s dividend payout ratio is presently 44.56%.

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.