Royal Bank Of Canada $RY Stock: Cidel Asset Management Inc. Lowers Holdings

Cidel Asset Management Inc. trimmed its holdings in Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 0.9% during the third quarter, Holdings Channel reports. The institutional investor owned 516,573 shares of the financial services provider’s stock after selling 4,557 shares during the quarter. Royal Bank Of Canada makes up about 4.9% of Cidel Asset Management Inc.’s holdings, making the stock its largest position. Cidel Asset Management Inc.’s holdings in Royal Bank Of Canada were worth $101,852,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in RY. Bank of Nova Scotia bought a new stake in shares of Royal Bank Of Canada during the second quarter worth about $2,549,157,000. The Manufacturers Life Insurance Company lifted its position in Royal Bank Of Canada by 2.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 12,130,512 shares of the financial services provider’s stock valued at $1,959,185,000 after acquiring an additional 250,859 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in Royal Bank Of Canada in the 2nd quarter valued at about $2,275,797,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Royal Bank Of Canada during the 2nd quarter valued at about $2,260,820,000. Finally, Legal & General Group Plc acquired a new position in Royal Bank Of Canada during the 2nd quarter valued at about $1,645,758,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RY shares. Keefe, Bruyette & Woods started coverage on Royal Bank Of Canada in a report on Friday, August 21st. They set a “market perform” rating for the company. Barclays restated an “overweight” rating on shares of Royal Bank Of Canada in a report on Friday, August 21st. Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a report on Friday, August 28th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Royal Bank Of Canada in a research report on Tuesday. Finally, TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $225.00.

Royal Bank Of Canada Stock Performance

Shares of RY stock opened at $203.05 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a 50-day moving average of $201.57 and a 200-day moving average of $189.12. Royal Bank Of Canada has a one year low of $143.38 and a one year high of $218.57. The company has a market cap of $281.02 billion, a P/E ratio of 17.76, a P/E/G ratio of 1.82 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings results on Thursday, August 27th. The financial services provider reported $3.07 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.18. Royal Bank Of Canada had a net margin of 16.17% and a return on equity of 17.79%. The business had revenue of $13.22 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Equities research analysts forecast that Royal Bank Of Canada will post 11.83 EPS for the current fiscal year.

Royal Bank Of Canada Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Monday, October 26th will be given a dividend of C$1.76 per share. The ex-dividend date of this dividend is Monday, October 26th. This represents a $7.04 annualized dividend and a dividend yield of 3.5%. Royal Bank Of Canada’s dividend payout ratio (DPR) is currently 43.31%.

Royal Bank Of Canada Company Profile

Royal Bank of Canada (NYSE: RY) is a diversified financial services company headquartered in Toronto, Canada. Founded in 1864, it operates under the RBC brand and provides banking, wealth management, capital markets, insurance and investor services to individuals, businesses, institutions and governments.

RBC’s personal and commercial banking operations offer deposit accounts, lending, mortgages, credit cards, payment services and financial advice. Its wealth management business provides investment management, private banking, trust, brokerage and advisory services, while RBC Capital Markets delivers investment banking, sales and trading, research and corporate finance services.