Envestnet Asset Management Inc. Has $19.33 Million Holdings in Royal Bank of Canada (NYSE:RY)

Envestnet Asset Management Inc. lifted its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 202,256 shares of the financial services provider’s stock after purchasing an additional 5,463 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Royal Bank of Canada were worth $19,332,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Syverson Strege & Co bought a new stake in Royal Bank of Canada during the 1st quarter worth approximately $28,000. Delta Asset Management LLC TN purchased a new position in shares of Royal Bank of Canada during the fourth quarter valued at approximately $29,000. Money Concepts Capital Corp bought a new stake in Royal Bank of Canada during the fourth quarter worth $38,000. Grey Fox Wealth Advisors LLC purchased a new position in Royal Bank of Canada during the 4th quarter worth $39,000. Finally, Householder Group Estate & Retirement Specialist LLC bought a new position in shares of Royal Bank of Canada during the first quarter valued at about $72,000. Institutional investors and hedge funds own 42.02% of the company’s stock.

Royal Bank of Canada Stock Up 0.3 %

RY stock opened at $90.34 on Friday. The stock has a fifty day moving average of $94.65 and a 200-day moving average of $95.77. Royal Bank of Canada has a fifty-two week low of $83.63 and a fifty-two week high of $104.72. The company has a market capitalization of $126.14 billion, a price-to-earnings ratio of 11.72, a PEG ratio of 1.79 and a beta of 0.83. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.90.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Thursday, October 26th will be paid a $1.019 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Wednesday, October 25th. This represents a $4.08 annualized dividend and a dividend yield of 4.51%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 52.92%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RY. Barclays upped their price objective on shares of Royal Bank of Canada from $122.00 to $124.00 and gave the stock an “underweight” rating in a research report on Monday, August 21st. CIBC downgraded Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a research note on Tuesday, May 16th. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Credit Suisse Group increased their price target on shares of Royal Bank of Canada from $138.00 to $139.00 and gave the company an “outperform” rating in a research report on Friday, August 25th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $138.60.

About Royal Bank of Canada

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.