Elevation Point Wealth Partners LLC Invests $987,000 in Royal Bank Of Canada $RY

Elevation Point Wealth Partners LLC bought a new position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) during the 2nd quarter, Holdings Channel.com reports. The fund bought 4,769 shares of the financial services provider’s stock, valued at approximately $987,000.

Several other hedge funds have also modified their holdings of RY. BOK Financial Private Wealth Inc. purchased a new stake in shares of Royal Bank Of Canada in the second quarter valued at approximately $28,000. Harvest Fund Management Co. Ltd purchased a new position in Royal Bank Of Canada in the fourth quarter worth $25,000. Bell Investment Advisors Inc acquired a new stake in Royal Bank Of Canada in the second quarter valued at $32,000. Key Financial Inc lifted its holdings in Royal Bank Of Canada by 63.0% in the first quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 63 shares during the period. Finally, Maseco LLP boosted its position in shares of Royal Bank Of Canada by 355.0% during the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 142 shares in the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RY. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a report on Thursday, June 11th. Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Barclays reaffirmed an “overweight” rating on shares of Royal Bank Of Canada in a report on Friday. Raymond James Financial lowered Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 12th. Finally, TD Securities restated a “buy” rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Royal Bank Of Canada presently has an average rating of “Moderate Buy” and an average price target of $225.00.

Royal Bank Of Canada Price Performance

Shares of NYSE RY opened at $203.99 on Tuesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average price is $208.67 and its 200 day moving average price is $187.02. Royal Bank Of Canada has a 52 week low of $136.10 and a 52 week high of $218.57. The stock has a market cap of $282.85 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 1.54 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.81 by $0.03. The company had revenue of $12.84 billion for the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. During the same quarter in the prior year, the firm earned $3.12 earnings per share. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, research analysts forecast that Royal Bank Of Canada will post 11.59 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, July 27th were given a $1.76 dividend. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Monday, July 27th. Royal Bank Of Canada’s dividend payout ratio (DPR) is currently 44.56%.

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.