Baird Financial Group Inc. raised its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 5.3% during the 3rd quarter, Holdings Channel reports. The firm owned 27,232 shares of the financial services provider’s stock after acquiring an additional 1,373 shares during the quarter. Baird Financial Group Inc.’s holdings in Royal Bank of Canada were worth $2,203,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. lifted its holdings 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 purchasing an additional 1,101 shares during the last quarter. Cypress Capital Management LLC purchased a new stake in Royal Bank of Canada during the third quarter valued at about $200,000. ELCO Management Co. LLC purchased a new stake in Royal Bank of Canada during the third quarter valued at about $200,000. West Coast Financial LLC purchased a new stake in Royal Bank of Canada during the third quarter valued at about $203,000. Finally, 1ST Source Bank purchased a new stake in Royal Bank of Canada during the third quarter valued at about $204,000. 41.17% of the stock is currently owned by institutional investors and hedge funds.
RY has been the topic of several recent research reports. Scotiabank reaffirmed an “average” rating and set a $115.00 price objective on shares of Royal Bank of Canada in a report on Sunday, December 2nd. Zacks Investment Research raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Thursday, November 15th. Canaccord Genuity reissued a “hold” rating on shares of Royal Bank of Canada in a report on Thursday, November 22nd. ValuEngine raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. Finally, Argus lowered their price target on shares of Royal Bank of Canada to $89.00 and set a “positive” rating on the stock in a report on Thursday, November 29th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $96.00.
Shares of Royal Bank of Canada stock opened at $71.01 on Monday. Royal Bank of Canada has a 12-month low of $69.99 and a 12-month high of $87.10. The stock has a market capitalization of $102.32 billion, a PE ratio of 10.87, a PEG ratio of 1.44 and a beta of 1.15. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.12.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Wednesday, November 28th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.61 by $0.10. Royal Bank of Canada had a net margin of 21.60% and a return on equity of 18.09%. The firm had revenue of $10.67 billion for the quarter, compared to the consensus estimate of $11.14 billion. During the same period in the prior year, the firm posted $1.88 earnings per share. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. On average, analysts anticipate that Royal Bank of Canada will post 6.78 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 22nd. Stockholders of record on Thursday, January 24th will be issued a $0.745 dividend. This represents a $2.98 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend is Wednesday, January 23rd. Royal Bank of Canada’s payout ratio is 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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