Canoe Financial LP Reduces Stock Holdings in Royal Bank Of Canada $RY

Canoe Financial LP lowered its stake in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 32.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 691,320 shares of the financial services provider’s stock after selling 334,797 shares during the quarter. Royal Bank Of Canada makes up about 1.6% of Canoe Financial LP’s holdings, making the stock its 28th biggest position. Canoe Financial LP’s holdings in Royal Bank Of Canada were worth $117,860,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Cypress Wealth Services LLC acquired a new stake in Royal Bank Of Canada during the 4th quarter worth $424,000. Braun Bostich & Associates Inc. acquired a new position in Royal Bank Of Canada in the fourth quarter valued at $259,000. Southland Equity Partners LLC purchased a new position in shares of Royal Bank Of Canada during the fourth quarter worth about $202,000. Generali Investments CEE investicni spolecnost a.s. grew its holdings in shares of Royal Bank Of Canada by 4.2% during the fourth quarter. Generali Investments CEE investicni spolecnost a.s. now owns 25,000 shares of the financial services provider’s stock worth $4,262,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Hilltop Wealth Advisors LLC acquired a new stake in shares of Royal Bank Of Canada during the fourth quarter worth about $203,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RY. Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a research report on Friday, January 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of Royal Bank Of Canada in a research note on Thursday, January 22nd. TD Cowen raised Royal Bank Of Canada from a “hold” rating to a “buy” rating in a report on Thursday, December 4th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a report on Wednesday, December 17th. Finally, Zacks Research downgraded shares of Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Eleven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $162.00.

Royal Bank Of Canada Stock Performance

Shares of RY stock opened at $158.32 on Friday. The stock’s 50-day moving average price is $167.12 and its 200 day moving average price is $159.04. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $221.29 billion, a PE ratio of 15.15, a price-to-earnings-growth ratio of 1.19 and a beta of 0.79. Royal Bank Of Canada has a 52-week low of $106.10 and a 52-week high of $176.19.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Thursday, February 26th. The financial services provider reported $2.94 earnings per share for the quarter, topping analysts’ consensus estimates of $2.81 by $0.13. The company had revenue of $13.18 billion during the quarter, compared to analysts’ expectations of $12.60 billion. Royal Bank Of Canada had a return on equity of 17.12% and a net margin of 15.28%.The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the firm earned $3.62 EPS. As a group, equities research analysts forecast that Royal Bank Of Canada will post 9.16 EPS for the current year.

Royal Bank Of Canada Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Thursday, April 23rd will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Thursday, April 23rd. Royal Bank Of Canada’s dividend payout ratio (DPR) is 45.74%.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.