• Tue. May 28th, 2024

Raymond James Financial Services Advisors Inc. Lowers Holdings in Royal Bank of Canada (NYSE:RY)

Raymond James Financial Services Advisors Inc. decreased its stake in shares of Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) by 4.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 101,211 shares of the financial services provider’s stock after selling 4,996 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Royal Bank of Canada were worth $9,674,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in RY. Baldwin Brothers LLC MA purchased a new position in shares of Royal Bank of Canada in the fourth quarter worth $28,000. Delta Asset Management LLC TN purchased a new position in shares of Royal Bank of Canada in the fourth quarter worth $29,000. Tradition Wealth Management LLC purchased a new position in shares of Royal Bank of Canada in the fourth quarter worth $38,000. Money Concepts Capital Corp purchased a new position in shares of Royal Bank of Canada in the fourth quarter worth $38,000. Finally, Grey Fox Wealth Advisors LLC purchased a new position in shares of Royal Bank of Canada in the fourth quarter worth $39,000. Hedge funds and other institutional investors own 36.75% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on RY. CIBC cut Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a research note on Tuesday, May 16th. StockNews.com initiated coverage on Royal Bank of Canada in a report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Barclays lowered Royal Bank of Canada from an “overweight” rating to an “underweight” rating in a report on Tuesday, May 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada presently has a consensus rating of “Hold” and a consensus price target of $139.17.

Royal Bank of Canada Stock Performance

NYSE:RY opened at $95.51 on Friday. The stock has a 50-day simple moving average of $94.48 and a two-hundred day simple moving average of $96.97. 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 quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $133.34 billion, a PE ratio of 12.55, a P/E/G ratio of 2.03 and a beta of 0.83.

Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) last released its quarterly earnings results on Thursday, May 25th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, missing the consensus estimate 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 year.

Royal Bank of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Wednesday, July 26th will be issued a dividend of $0.996 per share. This represents a $3.98 annualized dividend and a yield of 4.17%. The ex-dividend date of this dividend is Tuesday, July 25th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.99. Royal Bank of Canada’s payout ratio is currently 51.38%.

About Royal Bank of Canada

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

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