LGT Group Foundation Makes New $858,000 Investment in Royal Bank of Canada (NYSE:RY)

LGT Group Foundation bought a new stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 8,062 shares of the financial services provider’s stock, valued at approximately $858,000.

A number of other institutional investors and hedge funds also recently modified their holdings of RY. Ridgewood Investments LLC purchased a new stake in Royal Bank of Canada during the second quarter worth about $27,000. Ashton Thomas Private Wealth LLC bought a new position in Royal Bank of Canada during the second quarter valued at $33,000. Mather Group LLC. purchased a new stake in Royal Bank of Canada in the first quarter worth $49,000. Nisa Investment Advisors LLC raised its stake in shares of Royal Bank of Canada by 293.8% in the second quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock valued at $54,000 after buying an additional 379 shares during the period. Finally, Heritage Wealth Advisors bought a new position in shares of Royal Bank of Canada during the 4th quarter worth $61,000. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Trading Up 1.7 %

Shares of RY opened at $122.98 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. Royal Bank of Canada has a 1-year low of $77.90 and a 1-year high of $123.19. The company has a market capitalization of $174.03 billion, a P/E ratio of 15.26, a P/E/G ratio of 1.97 and a beta of 0.86. The firm’s 50 day simple moving average is $112.42 and its 200 day simple moving average is $105.58.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a dividend of $1.028 per share. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio is currently 50.99%.

Analyst Ratings Changes

RY has been the topic of several recent research reports. UBS Group started coverage on shares of Royal Bank of Canada in a report on Tuesday, July 2nd. They set a “buy” rating on the stock. Argus lifted their price objective on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Jefferies Financial Group upgraded Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. BMO Capital Markets lifted their price target on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, Scotiabank upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $142.50.

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 checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.