MQS Management LLC Takes $745,000 Position in Royal Bank Of Canada $RY

MQS Management LLC purchased a new stake in Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the first quarter, HoldingsChannel reports. The fund purchased 4,606 shares of the financial services provider’s stock, valued at approximately $745,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RY. HighTower Advisors LLC raised its holdings in Royal Bank Of Canada by 18.5% during the 4th quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider’s stock valued at $16,407,000 after buying an additional 15,046 shares during the period. Fisher Asset Management LLC boosted its stake in Royal Bank Of Canada by 6.1% during the fourth quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider’s stock worth $1,086,601,000 after buying an additional 368,534 shares during the period. Rathbones Group PLC boosted its stake in Royal Bank Of Canada by 9.0% during the fourth quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider’s stock worth $55,480,000 after buying an additional 26,782 shares during the period. Legal & General Group Plc increased its position in Royal Bank Of Canada by 3.6% during the third quarter. Legal & General Group Plc now owns 8,275,134 shares of the financial services provider’s stock valued at $1,219,924,000 after acquiring an additional 287,504 shares during the last quarter. Finally, Indivisible Partners bought a new position in Royal Bank Of Canada during the fourth quarter valued at $7,335,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank Of Canada Stock Up 1.0%

Shares of NYSE RY opened at $206.85 on Wednesday. Royal Bank Of Canada has a 52-week low of $127.38 and a 52-week high of $207.22. The firm has a market capitalization of $287.47 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 1.62 and a beta of 0.81. The stock has a 50 day moving average price of $189.78 and a 200 day moving average price of $175.70. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.82 and a current ratio of 0.82.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, topping 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 return on equity of 17.68% and a net margin of 15.92%.Royal Bank Of Canada’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period last year, the business posted $3.12 EPS. Sell-side analysts expect that Royal Bank Of Canada will post 11.45 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be given a dividend of $1.76 per share. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, July 27th. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s dividend payout ratio is currently 42.41%.

Analysts Set New Price Targets

RY has been the subject of several analyst reports. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Argus set a $225.00 target price on Royal Bank Of Canada in a research report on Thursday, June 11th. Weiss Ratings raised Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 15th. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $225.00.

Royal Bank Of Canada Company Profile

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.