Bank of Nova Scotia grew its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,034,045 shares of the financial services provider’s stock after purchasing an additional 357,200 shares during the quarter. Royal Bank of Canada comprises about 4.6% of Bank of Nova Scotia’s investment portfolio, making the stock its biggest position. Bank of Nova Scotia owned approximately 0.77% of Royal Bank of Canada worth $830,067,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its holdings in Royal Bank of Canada by 148.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,843 shares of the financial services provider’s stock worth $142,000 after acquiring an additional 1,101 shares during the period. Aristotle Capital Management LLC bought a new position in Royal Bank of Canada in the 1st quarter worth $147,000. Cypress Capital Group bought a new position in Royal Bank of Canada in the 1st quarter worth $202,000. Tuttle Tactical Management bought a new position in Royal Bank of Canada in the 2nd quarter worth $203,000. Finally, Moloney Securities Asset Management LLC bought a new position in Royal Bank of Canada in the 2nd quarter worth $222,000. Institutional investors and hedge funds own 40.05% of the company’s stock.
NYSE RY opened at $79.08 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $114.38 billion, a price-to-earnings ratio of 13.05, a P/E/G ratio of 1.58 and a beta of 1.15. Royal Bank of Canada has a 52-week low of $73.92 and a 52-week high of $87.10.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Thursday, October 25th will be given a $0.753 dividend. This represents a $3.01 annualized dividend and a yield of 3.81%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Wednesday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 47.19%.
Several research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. ValuEngine upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. Scotia Howard Weill upgraded shares of Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a report on Monday, September 10th. Scotiabank upgraded shares of Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report on Monday, September 10th. Finally, Macquarie upgraded shares of Royal Bank of Canada from an “underperform” rating to a “neutral” rating in a report on Friday, June 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Royal Bank of Canada has a consensus rating of “Hold” and an average price target of $97.20.
About Royal Bank of Canada
Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.
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