Royal Bank of Canada (RY) is CIBC Asset Management Inc’s 2nd Largest Position

CIBC Asset Management Inc reduced its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 13,296,437 shares of the financial services provider’s stock after selling 88,535 shares during the quarter. Royal Bank of Canada accounts for 6.6% of CIBC Asset Management Inc’s investment portfolio, making the stock its 2nd largest position. CIBC Asset Management Inc’s holdings in Royal Bank of Canada were worth $1,065,026,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Marathon Asset Management LLP lifted its holdings in shares of Royal Bank of Canada by 0.5% in the 3rd quarter. Marathon Asset Management LLP now owns 355,020 shares of the financial services provider’s stock worth $28,448,000 after acquiring an additional 1,929 shares during the last quarter. Comerica Bank lifted its holdings in shares of Royal Bank of Canada by 5.1% in the 3rd quarter. Comerica Bank now owns 92,885 shares of the financial services provider’s stock worth $6,986,000 after acquiring an additional 4,498 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Royal Bank of Canada by 3.0% in the 3rd quarter. US Bancorp DE now owns 73,455 shares of the financial services provider’s stock worth $5,890,000 after acquiring an additional 2,165 shares during the last quarter. 1ST Source Bank acquired a new position in shares of Royal Bank of Canada in the 3rd quarter worth approximately $204,000. Finally, Capital Investment Advisory Services LLC acquired a new position in shares of Royal Bank of Canada in the 3rd quarter worth approximately $532,000. Hedge funds and other institutional investors own 40.04% of the company’s stock.

Shares of NYSE:RY opened at $73.02 on Monday. Royal Bank of Canada has a 52 week low of $71.01 and a 52 week high of $87.10. 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 company has a market capitalization of $105.22 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.37 and a beta of 1.14.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Wednesday, August 22nd. The financial services provider reported $1.66 EPS for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.04. Royal Bank of Canada had a net margin of 21.48% and a return on equity of 18.11%. The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.39 billion. On average, research analysts forecast that Royal Bank of Canada will post 6.55 earnings per share for the current year.

The company also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, October 24th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.73. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.12%. Royal Bank of Canada’s dividend payout ratio is currently 50.17%.

Several brokerages recently weighed in on RY. ValuEngine downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Thursday. Scotia Howard Weill raised shares of Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, September 10th. Scotiabank raised shares of Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research note on Monday, September 10th. Howard Weil raised shares of Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, September 10th. Finally, Zacks Investment Research downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Tuesday, August 14th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $97.20.

Royal Bank of Canada Company Profile

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

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