Old North State Trust LLC boosted its holdings in shares of Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) by 410.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,989 shares of the financial services provider’s stock after acquiring an additional 31,350 shares during the period. Royal Bank of Canada accounts for about 2.6% of Old North State Trust LLC’s investment portfolio, making the stock its 7th largest holding. Old North State Trust LLC’s holdings in Royal Bank of Canada were worth $3,727,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Royal Bank of Canada in the fourth quarter worth about $1,583,609,000. Toronto Dominion Bank raised its holdings in Royal Bank of Canada by 10.6% in the first quarter. Toronto Dominion Bank now owns 21,119,042 shares of the financial services provider’s stock worth $2,023,058,000 after buying an additional 2,029,807 shares during the last quarter. Canoe Financial LP purchased a new position in Royal Bank of Canada in the first quarter worth about $153,411,000. Triasima Portfolio Management inc. purchased a new position in shares of Royal Bank of Canada during the fourth quarter valued at approximately $117,087,000. Finally, FMR LLC raised its holdings in shares of Royal Bank of Canada by 8.4% during the first quarter. FMR LLC now owns 15,683,269 shares of the financial services provider’s stock valued at $1,499,860,000 after purchasing an additional 1,211,281 shares during the last quarter. 42.02% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research firms have recently weighed in on RY. Credit Suisse Group boosted their price objective on shares of Royal Bank of Canada from $138.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, August 25th. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Thursday, September 7th. Finally, Barclays boosted their price objective on shares of Royal Bank of Canada from $122.00 to $124.00 and gave the company an “underweight” rating in a report on Monday, August 21st. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $138.60.
Royal Bank of Canada Stock Performance
Shares of NYSE RY opened at $91.51 on Friday. The firm has a 50 day moving average of $93.62 and a 200 day moving average of $94.96. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $127.77 billion, a price-to-earnings ratio of 11.87, a price-to-earnings-growth ratio of 1.83 and a beta of 0.84. Royal Bank of Canada has a 12-month low of $83.63 and a 12-month high of $104.72.
Royal Bank of Canada Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Thursday, October 26th will be given a dividend of $1.019 per share. This represents a $4.08 annualized dividend and a yield of 4.45%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Wednesday, October 25th. Royal Bank of Canada’s payout ratio is 52.92%.
Royal Bank of Canada Company 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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