Scheer Rowlett & Associates Investment Management Ltd. cut its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 4.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,259,082 shares of the financial services provider’s stock after selling 105,338 shares during the quarter. Royal Bank of Canada comprises 11.5% of Scheer Rowlett & Associates Investment Management Ltd.’s investment portfolio, making the stock its largest holding. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Royal Bank of Canada were worth $180,957,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of RY. Honkamp Krueger Financial Services Inc. acquired a new position in shares of Royal Bank of Canada in the third quarter valued at $120,000. Advisors Asset Management Inc. raised its stake in shares of Royal Bank of Canada by 148.4% in the second quarter. Advisors Asset Management Inc. now owns 1,843 shares of the financial services provider’s stock valued at $142,000 after purchasing an additional 1,101 shares in the last quarter. Cypress Capital Management LLC acquired a new position in shares of Royal Bank of Canada in the third quarter valued at $200,000. ELCO Management Co. LLC acquired a new position in shares of Royal Bank of Canada in the third quarter valued at $200,000. Finally, West Coast Financial LLC acquired a new position in shares of Royal Bank of Canada in the third quarter valued at $203,000. Institutional investors own 41.17% of the company’s stock.

Shares of RY stock traded down $1.44 during trading hours on Thursday, hitting $71.53. 39,783 shares of the company’s stock were exchanged, compared to its average volume of 715,664. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $105.15 billion, a PE ratio of 10.94, a PEG ratio of 1.48 and a beta of 1.15. Royal Bank of Canada has a 52 week low of $69.99 and a 52 week high of $87.10.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, November 28th. The financial services provider reported $1.71 EPS for the quarter, topping the consensus estimate of $1.61 by $0.10. The company had revenue of $10.67 billion for the quarter, compared to analysts’ expectations of $11.14 billion. Royal Bank of Canada had a return on equity of 18.09% and a net margin of 21.60%. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.88 earnings per share. As a group, analysts forecast that Royal Bank of Canada will post 6.78 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 22nd. Stockholders of record on Thursday, January 24th will be issued a dividend of $0.745 per share. This represents a $2.98 annualized dividend and a dividend yield of 4.17%. The ex-dividend date is Wednesday, January 23rd. Royal Bank of Canada’s payout ratio is presently 46.55%.

A number of analysts have weighed in on RY shares. ValuEngine upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Saturday, December 1st. Zacks Investment Research upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Thursday, November 15th. Barclays reiterated a “sell” rating on shares of Royal Bank of Canada in a research report on Wednesday, November 28th. Argus lowered their price target on Royal Bank of Canada to $89.00 and set a “positive” rating on the stock in a research report on Thursday, November 29th. They noted that the move was a valuation call. Finally, Canaccord Genuity reiterated a “hold” rating on shares of Royal Bank of Canada in a research report on Thursday, November 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. Royal Bank of Canada currently has a consensus rating of “Hold” and a consensus target price of $96.00.

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Royal Bank of Canada Company Profile

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.

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

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