Royal Bank of Canada (NYSE:RY) Shares Sold by Truist Financial Corp

Truist Financial Corp cut its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 113,654 shares of the financial services provider’s stock after selling 351 shares during the period. Truist Financial Corp’s holdings in Royal Bank of Canada were worth $11,494,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. K.J. Harrison & Partners Inc raised its stake in shares of Royal Bank of Canada by 23.9% during the 4th quarter. K.J. Harrison & Partners Inc now owns 200,486 shares of the financial services provider’s stock worth $20,312,000 after buying an additional 38,662 shares during the last quarter. Callan Capital LLC acquired a new position in Royal Bank of Canada during the fourth quarter worth about $288,000. Carret Asset Management LLC purchased a new stake in shares of Royal Bank of Canada in the fourth quarter valued at about $207,000. Yousif Capital Management LLC grew its position in shares of Royal Bank of Canada by 7.0% in the fourth quarter. Yousif Capital Management LLC now owns 24,445 shares of the financial services provider’s stock valued at $2,472,000 after purchasing an additional 1,590 shares during the last quarter. Finally, Lorne Steinberg Wealth Management Inc. increased its stake in shares of Royal Bank of Canada by 4.9% during the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 106,474 shares of the financial services provider’s stock worth $10,770,000 after purchasing an additional 5,017 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Performance

NYSE RY opened at $97.38 on Thursday. The business’s 50-day moving average price is $99.09 and its 200 day moving average price is $95.07. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a twelve month low of $77.90 and a twelve month high of $103.88. The company has a market capitalization of $137.77 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 1.67 and a beta of 0.85.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Wednesday, February 28th. The financial services provider reported $2.11 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.05. Royal Bank of Canada had a net margin of 12.43% and a return on equity of 14.74%. The company had revenue of $9.98 billion during the quarter, compared to the consensus estimate of $10.10 billion. On average, research analysts predict that Royal Bank of Canada will post 8.45 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Thursday, April 25th will be paid a dividend of $1.0207 per share. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $4.08 dividend on an annualized basis and a yield of 4.19%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.02. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 25.31%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RY shares. BMO Capital Markets upgraded Royal Bank of Canada from a “market perform” rating to an “outperform” rating and increased their target price for the company from $140.00 to $150.00 in a report on Friday, April 5th. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. Barclays began coverage on shares of Royal Bank of Canada in a research note on Wednesday, March 20th. They set an “equal weight” rating on the stock. Finally, Jefferies Financial Group started coverage on shares of Royal Bank of Canada in a research report on Thursday, February 22nd. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada presently has an average rating of “Hold” and an average price target of $137.67.

About Royal Bank of Canada

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.