Harvest Portfolios Group Inc. Invests $2.39 Million in Royal Bank of Canada (NYSE:RY)

Harvest Portfolios Group Inc. bought a new stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 24,998 shares of the financial services provider’s stock, valued at approximately $2,391,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RY. Norges Bank purchased a new position in Royal Bank of Canada during the 4th quarter valued at approximately $1,583,609,000. Toronto Dominion Bank boosted its holdings in Royal Bank of Canada by 10.6% during the 1st quarter. Toronto Dominion Bank now owns 21,119,042 shares of the financial services provider’s stock valued at $2,023,058,000 after acquiring an additional 2,029,807 shares during the period. Canoe Financial LP bought a new stake in Royal Bank of Canada during the 1st quarter valued at $153,411,000. Triasima Portfolio Management inc. bought a new stake in Royal Bank of Canada during the 4th quarter valued at $117,087,000. Finally, FMR LLC raised its position in shares of Royal Bank of Canada by 8.4% in the 1st quarter. FMR LLC now owns 15,683,269 shares of the financial services provider’s stock worth $1,499,860,000 after acquiring an additional 1,211,281 shares in the last quarter. Institutional investors own 42.02% of the company’s stock.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock opened at $89.99 on Thursday. Royal Bank of Canada has a 12 month low of $83.63 and a 12 month high of $104.72. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $125.64 billion, a P/E ratio of 11.67, a PEG ratio of 1.76 and a beta of 0.84. The business has a 50 day simple moving average of $93.78 and a two-hundred day simple moving average of $95.02.

Royal Bank of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Thursday, October 26th will be issued a $1.019 dividend. This represents a $4.08 annualized dividend and a dividend yield of 4.53%. The ex-dividend date is Wednesday, October 25th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.00. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 51.75%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RY shares. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Thursday, September 7th. Barclays boosted their price target on Royal Bank of Canada from $122.00 to $124.00 and gave the company an “underweight” rating in a research note on Monday, August 21st. Finally, Credit Suisse Group upped their target price on Royal Bank of Canada from $138.00 to $139.00 and gave the stock an “outperform” rating in a research note on Friday, August 25th. Two equities research 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $138.60.

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.