Korea Investment CORP Raises Stock Position in Royal Bank Of Canada $RY

Korea Investment CORP grew its holdings in Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 5.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,043,704 shares of the financial services provider’s stock after acquiring an additional 57,646 shares during the period. Korea Investment CORP’s holdings in Royal Bank Of Canada were worth $178,163,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in RY. Florida Trust Wealth Management Co boosted its holdings in shares of Royal Bank Of Canada by 2.8% in the 4th quarter. Florida Trust Wealth Management Co now owns 2,190 shares of the financial services provider’s stock valued at $373,000 after buying an additional 60 shares during the period. Fiduciary Financial Group LLC boosted its holdings in shares of Royal Bank Of Canada by 3.4% in the 4th quarter. Fiduciary Financial Group LLC now owns 1,879 shares of the financial services provider’s stock valued at $320,000 after buying an additional 61 shares during the period. Alta Capital Management LLC boosted its holdings in shares of Royal Bank Of Canada by 4.0% in the 4th quarter. Alta Capital Management LLC now owns 1,686 shares of the financial services provider’s stock valued at $287,000 after buying an additional 65 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Royal Bank Of Canada by 1.6% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 4,836 shares of the financial services provider’s stock valued at $713,000 after buying an additional 74 shares during the period. Finally, Burney Co. boosted its holdings in shares of Royal Bank Of Canada by 1.7% in the 4th quarter. Burney Co. now owns 4,425 shares of the financial services provider’s stock valued at $754,000 after buying an additional 76 shares during the period. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Wall Street Analysts Forecast Growth

RY has been the subject of several research reports. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a report on Thursday. Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Barclays reaffirmed an “overweight” rating on shares of Royal Bank Of Canada in a report on Thursday, February 19th. Finally, Raymond James Financial lowered shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to 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 Trading Up 0.2%

Shares of NYSE:RY opened at $199.58 on Friday. The company has a market cap of $277.37 billion, a PE ratio of 17.93, a P/E/G ratio of 1.57 and a beta of 0.81. The company’s 50-day moving average price is $182.12 and its 200 day moving average price is $171.76. Royal Bank Of Canada has a fifty-two week low of $126.02 and a fifty-two week high of $201.74. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.03. The firm had revenue of $12.84 billion for the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.83%. Royal Bank Of Canada’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period last year, the firm posted $3.12 EPS. Sell-side analysts anticipate that Royal Bank Of Canada will post 11.52 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 Monday, August 24th. Shareholders of record on Monday, July 27th will be given a dividend of $1.76 per share. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date is Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.5%. Royal Bank Of Canada’s payout ratio is presently 42.41%.

About Royal Bank Of Canada

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.