Belleair Asset Management LLC Purchases New Position in Royal Bank Of Canada $RY

Belleair Asset Management LLC purchased a new stake in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 6,450 shares of the financial services provider’s stock, valued at approximately $1,100,000. Royal Bank Of Canada accounts for 1.0% of Belleair Asset Management LLC’s portfolio, making the stock its 26th biggest holding.

A number of other hedge funds also recently bought and sold shares of the business. Citizens Financial Group Inc. RI increased its holdings in Royal Bank Of Canada by 2.2% during the 4th quarter. Citizens Financial Group Inc. RI now owns 4,156 shares of the financial services provider’s stock valued at $709,000 after purchasing an additional 90 shares during the period. Laurel Wealth Advisors LLC increased its holdings in Royal Bank Of Canada by 7.1% during the 4th quarter. Laurel Wealth Advisors LLC now owns 3,025 shares of the financial services provider’s stock valued at $516,000 after purchasing an additional 200 shares during the period. US Bancorp DE increased its holdings in Royal Bank Of Canada by 7.4% during the 4th quarter. US Bancorp DE now owns 79,294 shares of the financial services provider’s stock valued at $13,519,000 after purchasing an additional 5,494 shares during the period. GC Wealth Management RIA LLC purchased a new position in Royal Bank Of Canada during the 4th quarter valued at about $470,000. Finally, AMG National Trust Bank increased its holdings in Royal Bank Of Canada by 0.6% during the 4th quarter. AMG National Trust Bank now owns 16,375 shares of the financial services provider’s stock valued at $2,792,000 after purchasing an additional 97 shares during the period. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank Of Canada Stock Up 2.7%

RY stock opened at $180.00 on Friday. Royal Bank Of Canada has a fifty-two week low of $119.50 and a fifty-two week high of $180.81. The business’s 50 day moving average price is $168.19 and its two-hundred day moving average price is $163.22. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $251.58 billion, a price-to-earnings ratio of 17.22, a price-to-earnings-growth ratio of 1.32 and a beta of 0.78.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its earnings results on Thursday, February 26th. The financial services provider reported $2.94 earnings per share for the quarter, topping analysts’ consensus estimates of $2.81 by $0.13. Royal Bank Of Canada had a return on equity of 17.12% and a net margin of 15.28%.The firm had revenue of $13.18 billion for the quarter, compared to the consensus estimate of $12.60 billion. During the same quarter in the prior year, the business earned $3.62 EPS. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. As a group, analysts forecast that Royal Bank Of Canada will post 11.56 earnings per share for the current fiscal year.

Royal Bank Of Canada Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Thursday, April 23rd will be issued a dividend of $1.64 per share. The ex-dividend date is Thursday, April 23rd. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.6%. Royal Bank Of Canada’s dividend payout ratio is 45.17%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RY. Raymond James Financial restated an “outperform” rating on shares of Royal Bank Of Canada in a report on Friday, February 13th. Barclays restated an “overweight” rating on shares of Royal Bank Of Canada in a report on Thursday, February 19th. Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a report on Friday, January 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of Royal Bank Of Canada in a report on Thursday, January 22nd. Finally, Zacks Research downgraded Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Eleven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Royal Bank Of Canada currently has an average rating of “Moderate Buy” and a consensus price target of $162.00.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.