Renaissance Technologies LLC boosted its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 19.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,906,579 shares of the financial services provider’s stock after purchasing an additional 304,202 shares during the period. Renaissance Technologies LLC owned 0.13% of Royal Bank of Canada worth $152,881,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RY. Honkamp Krueger Financial Services Inc. bought a new position in Royal Bank of Canada during the third quarter valued at about $120,000. Advisors Asset Management Inc. increased its stake in Royal Bank of Canada by 148.4% during the second quarter. Advisors Asset Management Inc. now owns 1,843 shares of the financial services provider’s stock valued at $142,000 after acquiring an additional 1,101 shares during the period. Cornerstone Wealth Management LLC bought a new position in Royal Bank of Canada during the second quarter valued at about $154,000. Cypress Capital Management LLC bought a new position in Royal Bank of Canada during the third quarter valued at about $200,000. Finally, ELCO Management Co. LLC bought a new position in Royal Bank of Canada during the third quarter valued at about $200,000. 41.17% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on RY. ValuEngine upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Saturday, December 1st. Zacks Investment Research upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Thursday, November 15th. Barclays restated a “sell” rating on shares of Royal Bank of Canada in a research note on Wednesday, November 28th. Argus lowered their price target on Royal Bank of Canada to $89.00 and set a “positive” rating on the stock in a research note on Thursday, November 29th. They noted that the move was a valuation call. Finally, Canaccord Genuity restated a “hold” rating on shares of Royal Bank of Canada in a research note on Thursday, November 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $96.00.
RY stock opened at $72.30 on Friday. Royal Bank of Canada has a 1-year low of $69.99 and a 1-year high of $87.10. The company has a market capitalization of $105.15 billion, a PE ratio of 11.07, a P/E/G ratio of 1.48 and a beta of 1.15. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.91 and a current ratio of 0.91.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Wednesday, November 28th. The financial services provider reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.10. Royal Bank of Canada had a return on equity of 18.09% and a net margin of 21.60%. The company had revenue of $10.67 billion for the quarter, compared to analyst estimates of $11.14 billion. During the same period in the prior year, the company posted $1.88 EPS. The company’s revenue was up 1.4% compared to the same quarter last year. Analysts forecast that Royal Bank of Canada will post 6.78 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 22nd. Stockholders of record on Thursday, January 24th will be paid a $0.745 dividend. The ex-dividend date of this dividend is Wednesday, January 23rd. This represents a $2.98 annualized dividend and a dividend yield of 4.12%. Royal Bank of Canada’s dividend payout ratio is currently 46.55%.
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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 check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.
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