Royal Bank of Canada (NYSE:RY) Position Raised by Palisade Asset Management LLC

Palisade Asset Management LLC increased its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,380 shares of the financial services provider’s stock after purchasing an additional 471 shares during the period. Palisade Asset Management LLC’s holdings in Royal Bank of Canada were worth $8,129,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in Royal Bank of Canada by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,307,468 shares of the financial services provider’s stock worth $89,588,000 after purchasing an additional 30,060 shares during the period. Hennessy Advisors Inc. increased its stake in Royal Bank of Canada by 1.7% in the first quarter. Hennessy Advisors Inc. now owns 66,700 shares of the financial services provider’s stock worth $5,039,000 after purchasing an additional 1,100 shares during the period. Old North State Trust LLC increased its stake in Royal Bank of Canada by 11.1% in the first quarter. Old North State Trust LLC now owns 8,343 shares of the financial services provider’s stock worth $630,000 after purchasing an additional 834 shares during the period. Wambolt & Associates LLC increased its stake in Royal Bank of Canada by 28.0% in the first quarter. Wambolt & Associates LLC now owns 4,023 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 881 shares during the period. Finally, Cardinal Capital Management increased its stake in Royal Bank of Canada by 0.3% in the first quarter. Cardinal Capital Management now owns 39,436 shares of the financial services provider’s stock worth $2,979,000 after purchasing an additional 134 shares during the period. 41.54% of the stock is currently owned by hedge funds and other institutional investors.

Shares of RY traded down $1.28 during mid-day trading on Monday, hitting $76.03. 351,698 shares of the company traded hands, compared to its average volume of 735,112. Royal Bank of Canada has a 1-year low of $65.76 and a 1-year high of $81.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $109.38 billion, a P/E ratio of 11.64, a PEG ratio of 2.01 and a beta of 1.09. The firm’s 50 day simple moving average is $79.50.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Thursday, May 23rd. The financial services provider reported $1.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.04. Royal Bank of Canada had a net margin of 20.04% and a return on equity of 17.36%. The firm had revenue of $8.63 billion for the quarter, compared to the consensus estimate of $7.60 billion. During the same quarter in the prior year, the company posted $2.06 earnings per share. On average, sell-side analysts predict that Royal Bank of Canada will post 6.73 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Thursday, July 25th will be issued a $0.7596 dividend. The ex-dividend date is Wednesday, July 24th. This represents a $3.04 annualized dividend and a yield of 4.00%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 47.78%.

A number of research firms have weighed in on RY. Zacks Investment Research upgraded Royal Bank of Canada from a “sell” rating to a “buy” rating and set a $89.00 target price on the stock in a research note on Thursday. Barclays reissued a “sell” rating on shares of Royal Bank of Canada in a research report on Thursday, May 23rd. BMO Capital Markets reissued a “hold” rating on shares of Royal Bank of Canada in a research report on Thursday, May 23rd. Finally, Desjardins reissued a “buy” rating and set a $111.00 price target on shares of Royal Bank of Canada in a research report on Thursday, May 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $100.00.

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

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