The Manufacturers Life Insurance Company Increases Stake in Royal Bank of Canada (RY)

The Manufacturers Life Insurance Company grew its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 72.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,820,450 shares of the financial services provider’s stock after buying an additional 5,799,705 shares during the period. Royal Bank of Canada accounts for approximately 1.2% of The Manufacturers Life Insurance Company ‘s holdings, making the stock its 7th biggest holding. The Manufacturers Life Insurance Company owned approximately 0.95% of Royal Bank of Canada worth $1,128,440,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. National Asset Management Inc. grew its stake in shares of Royal Bank of Canada by 9.9% during the 2nd quarter. National Asset Management Inc. now owns 3,397 shares of the financial services provider’s stock valued at $247,000 after buying an additional 306 shares during the period. River Wealth Advisors LLC grew its stake in shares of Royal Bank of Canada by 2.9% during the 3rd quarter. River Wealth Advisors LLC now owns 22,628 shares of the financial services provider’s stock valued at $1,750,000 after buying an additional 638 shares during the period. Stratos Wealth Partners LTD. grew its stake in shares of Royal Bank of Canada by 17.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,405 shares of the financial services provider’s stock valued at $341,000 after buying an additional 643 shares during the period. Pinnacle Financial Partners Inc. grew its stake in shares of Royal Bank of Canada by 2.7% during the 4th quarter. Pinnacle Financial Partners Inc. now owns 26,435 shares of the financial services provider’s stock valued at $2,158,000 after buying an additional 697 shares during the period. Finally, US Bancorp DE boosted its position in Royal Bank of Canada by 1.0% during the 4th quarter. US Bancorp DE now owns 70,430 shares of the financial services provider’s stock worth $5,751,000 after purchasing an additional 704 shares during the period. 40.44% of the stock is owned by institutional investors.

A number of brokerages recently weighed in on RY. Bank of America raised shares of Royal Bank of Canada from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 30th. CIBC cut shares of Royal Bank of Canada from an “outperform” rating to a “neutral” rating in a research report on Thursday, February 1st. Argus upped their price target on shares of Royal Bank of Canada to $94.00 and gave the stock a “buy” rating in a research report on Friday, January 5th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Wednesday, October 25th. Finally, Macquarie began coverage on shares of Royal Bank of Canada in a research report on Tuesday, October 24th. They set an “underperform” rating for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $98.20.

Royal Bank of Canada (NYSE:RY) opened at $79.19 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $114,924.23, a PE ratio of 13.76, a price-to-earnings-growth ratio of 1.33 and a beta of 1.08. Royal Bank of Canada has a 12-month low of $66.66 and a 12-month high of $87.10.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Wednesday, November 29th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.05. The company had revenue of $8.42 billion during the quarter, compared to analysts’ expectations of $7.68 billion. Royal Bank of Canada had a net margin of 22.62% and a return on equity of 17.01%. equities research analysts predict that Royal Bank of Canada will post 6.46 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Thursday, January 25th will be paid a $0.7157 dividend. The ex-dividend date is Wednesday, January 24th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.61%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 49.31%.

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Royal Bank of Canada Company Profile

Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.

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

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