Gluskin Sheff & Assoc Inc. raised its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 854.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 775,736 shares of the financial services provider’s stock after purchasing an additional 694,443 shares during the quarter. Royal Bank of Canada comprises about 3.3% of Gluskin Sheff & Assoc Inc.’s investment portfolio, making the stock its 10th biggest position. Gluskin Sheff & Assoc Inc. owned 0.05% of Royal Bank of Canada worth $59,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently added to or reduced their stakes in the business. SWS Partners purchased a new stake in shares of Royal Bank of Canada during the fourth quarter worth about $134,000. Delpha Capital Management LLC purchased a new stake in shares of Royal Bank of Canada during the fourth quarter worth about $151,000. Private Advisor Group LLC purchased a new stake in shares of Royal Bank of Canada during the fourth quarter worth about $203,000. Cypress Capital Management LLC purchased a new stake in shares of Royal Bank of Canada during the fourth quarter worth about $204,000. Finally, Chemical Bank purchased a new stake in shares of Royal Bank of Canada during the fourth quarter worth about $216,000. 40.66% of the stock is currently owned by institutional investors.
Several analysts recently weighed in on RY shares. Zacks Investment Research raised Royal Bank of Canada from a “hold” rating to a “buy” rating and set a $86.00 price objective for the company in a report on Thursday, March 29th. ValuEngine lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, March 2nd. Finally, National Bank Financial raised Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $97.20.
Shares of NYSE RY opened at $76.61 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market cap of $110.31 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 1.39 and a beta of 1.15. Royal Bank of Canada has a 12-month low of $68.56 and a 12-month high of $87.10.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Thursday, May 24th. The financial services provider reported $1.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.03. The business had revenue of $7.89 billion during the quarter, compared to the consensus estimate of $7.95 billion. Royal Bank of Canada had a return on equity of 17.76% and a net margin of 21.75%. analysts predict that Royal Bank of Canada will post 6.54 earnings per share for the current year.
Royal Bank of Canada announced that its Board of Directors has approved a stock buyback program on Friday, February 23rd that permits the company to buyback 30,000,000 outstanding shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 24th. Stockholders of record on Thursday, July 26th will be given a dividend of $0.7296 per share. The ex-dividend date of this dividend is Wednesday, July 25th. This represents a $2.92 annualized dividend and a dividend yield of 3.81%. Royal Bank of Canada’s dividend payout ratio is presently 48.84%.
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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