Summit Asset Management LLC Makes New Investment in Royal Bank Of Canada $RY

Summit Asset Management LLC bought a new position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 3,872 shares of the financial services provider’s stock, valued at approximately $801,000.

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Royal Bank Of Canada in the 4th quarter worth about $3,472,382,000. Alberta Investment Management Corp purchased a new stake in Royal Bank Of Canada in the 4th quarter valued at about $324,237,000. Assenagon Asset Management S.A. grew its stake in Royal Bank Of Canada by 3,329.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,589,605 shares of the financial services provider’s stock worth $329,002,000 after acquiring an additional 1,543,260 shares in the last quarter. Vanguard Group Inc. grew its stake in Royal Bank Of Canada by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider’s stock worth $11,529,165,000 after acquiring an additional 1,290,142 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Royal Bank Of Canada by 6.9% during the fourth quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider’s stock worth $2,389,773,000 after acquiring an additional 882,253 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank Of Canada Price Performance

Shares of RY opened at $216.67 on Friday. The company has a 50 day moving average of $207.42 and a two-hundred day moving average of $185.19. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. Royal Bank Of Canada has a twelve month low of $135.92 and a twelve month high of $218.57. The company has a market cap of $300.44 billion, a price-to-earnings ratio of 19.47, a price-to-earnings-growth ratio of 1.71 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 analysts’ consensus estimates of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The firm had revenue of $12.84 billion during the quarter, compared to analysts’ expectations of $12.74 billion. During the same quarter last year, the firm earned $3.12 EPS. The business’s quarterly revenue was up 11.4% on a year-over-year basis. As a group, analysts predict that Royal Bank Of Canada will post 11.47 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be issued a dividend of $1.76 per share. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.2%. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. Royal Bank Of Canada’s dividend payout ratio is presently 44.56%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research note on Wednesday. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Raymond James Financial lowered Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 12th. Finally, Argus set a $225.00 price objective on shares of Royal Bank Of Canada in a research note on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Royal Bank Of Canada currently has a consensus rating of “Moderate Buy” and an average price target of $225.00.

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.