Envestnet Asset Management Inc. grew its stake in shares of Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) by 2.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 173,341 shares of the financial services provider’s stock after acquiring an additional 4,919 shares during the period. Envestnet Asset Management Inc.’s holdings in Royal Bank of Canada were worth $19,114,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of RY. International Assets Investment Management LLC lifted its position in shares of Royal Bank of Canada by 66.2% during the 4th quarter. International Assets Investment Management LLC now owns 17,270 shares of the financial services provider’s stock valued at $142,000 after acquiring an additional 6,879 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Royal Bank of Canada by 4.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 85,929 shares of the financial services provider’s stock valued at $9,120,000 after purchasing an additional 3,608 shares in the last quarter. Yousif Capital Management LLC purchased a new stake in shares of Royal Bank of Canada in the fourth quarter valued at $2,354,000. CWM LLC purchased a new stake in shares of Royal Bank of Canada in the fourth quarter valued at $139,000. Finally, Astrantus Ltd purchased a new stake in shares of Royal Bank of Canada in the fourth quarter valued at $223,000. Institutional investors and hedge funds own 41.50% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on RY shares. Stifel Nicolaus reduced their target price on Royal Bank of Canada from C$152.00 to C$150.00 in a report on Friday, April 8th. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, July 1st. Scotiabank reduced their target price on Royal Bank of Canada from C$150.00 to C$147.00 in a report on Friday, May 20th. CIBC raised shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research note on Monday, April 11th. Finally, Argus upped their price target on shares of Royal Bank of Canada from $121.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, June 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the stock. According to 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 Trading Up 1.9 %
Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last posted its earnings results on Thursday, May 26th. The financial services provider reported $2.36 EPS for the quarter, topping the consensus estimate of $2.08 by $0.28. The firm had revenue of $8.86 billion for the quarter. Royal Bank of Canada had a net margin of 28.54% and a return on equity of 17.97%. On average, analysts forecast that Royal Bank of Canada will post 8.86 earnings per share for the current fiscal year.
Royal Bank of Canada Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 24th. Stockholders of record on Tuesday, July 26th will be given a $0.995 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.94. This represents a $3.98 annualized dividend and a dividend yield of 4.05%. The ex-dividend date of this dividend is Monday, July 25th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 43.54%.
Royal Bank of Canada Company 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.
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