Baskin Financial Services Inc. lessened its position in Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) by 2.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 84,590 shares of the financial services provider’s stock after selling 2,245 shares during the period. Baskin Financial Services Inc.’s holdings in Royal Bank of Canada were worth $8,086,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Royal Bank of Canada by 2.4% in the third quarter. Vanguard Group Inc. now owns 50,653,309 shares of the financial services provider’s stock valued at $4,560,824,000 after purchasing an additional 1,191,987 shares in the last quarter. Bank of Nova Scotia lifted its holdings in Royal Bank of Canada by 11.0% during the fourth quarter. Bank of Nova Scotia now owns 24,144,366 shares of the financial services provider’s stock worth $2,269,999,000 after acquiring an additional 2,392,959 shares during the period. Toronto Dominion Bank lifted its holdings in Royal Bank of Canada by 3.7% during the fourth quarter. Toronto Dominion Bank now owns 19,089,235 shares of the financial services provider’s stock worth $1,801,647,000 after acquiring an additional 683,387 shares during the period. National Bank of Canada FI lifted its holdings in Royal Bank of Canada by 5.1% during the first quarter. National Bank of Canada FI now owns 18,183,866 shares of the financial services provider’s stock worth $1,737,263,000 after acquiring an additional 890,328 shares during the period. Finally, Norges Bank bought a new stake in Royal Bank of Canada during the fourth quarter worth $1,583,609,000. Institutional investors and hedge funds own 36.75% of the company’s stock.
Royal Bank of Canada Stock Performance
Shares of NYSE RY traded down $0.69 during trading on Wednesday, reaching $95.46. 54,027 shares of the stock traded hands, compared to its average volume of 815,818. Royal Bank of Canada has a 52-week low of $83.63 and a 52-week high of $104.72. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.89. The company has a 50-day moving average of $94.42 and a 200-day moving average of $97.01. The stock has a market capitalization of $133.27 billion, a P/E ratio of 12.63, a price-to-earnings-growth ratio of 2.06 and a beta of 0.83.
Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) last released its quarterly earnings data on Thursday, May 25th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.12). Royal Bank of Canada had a net margin of 15.27% and a return on equity of 15.36%. The company had revenue of $9.97 billion for the quarter, compared to the consensus estimate of $9.53 billion. Analysts forecast that Royal Bank of Canada will post 8.21 EPS for the current fiscal year.
Royal Bank of Canada Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Wednesday, July 26th will be paid a dividend of $0.996 per share. This represents a $3.98 dividend on an annualized basis and a dividend yield of 4.17%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Tuesday, July 25th. Royal Bank of Canada’s payout ratio is presently 52.17%.
Wall Street Analyst Weigh In
A number of analysts recently commented on RY shares. CIBC lowered Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a report on Tuesday, May 16th. StockNews.com started coverage on Royal Bank of Canada in a report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Barclays lowered Royal Bank of Canada from an “overweight” rating to an “underweight” rating in a report on Tuesday, May 9th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Royal Bank of Canada currently has a consensus rating of “Hold” and a consensus target price of $139.17.
Royal Bank of Canada 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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