United Services Automobile Association lowered its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,356 shares of the financial services provider’s stock after selling 300 shares during the quarter. United Services Automobile Association’s holdings in Royal Bank of Canada were worth $2,286,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of RY. Oppenheimer Asset Management Inc. purchased a new position in Royal Bank of Canada in the 4th quarter worth about $38,000. Financial Gravity Companies Inc. purchased a new position in Royal Bank of Canada in the 4th quarter worth about $38,000. Laurel Wealth Advisors LLC purchased a new position in Royal Bank of Canada during the 4th quarter valued at about $95,000. Huntington National Bank grew its stake in Royal Bank of Canada by 14.5% during the 4th quarter. Huntington National Bank now owns 1,660 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 210 shares in the last quarter. Finally, Honkamp Krueger Financial Services Inc. purchased a new position in Royal Bank of Canada during the 3rd quarter valued at about $120,000. 41.96% of the stock is currently owned by hedge funds and other institutional investors.
RY has been the topic of several research analyst reports. Zacks Investment Research cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Tuesday, November 27th. Argus lowered their target price on Royal Bank of Canada to $89.00 and set a “positive” rating on the stock in a research note on Thursday, November 29th. They noted that the move was a valuation call. Barclays reaffirmed a “sell” rating on shares of Royal Bank of Canada in a research note on Wednesday, November 28th. ValuEngine raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Saturday, December 1st. Finally, Scotiabank reaffirmed an “average” rating and set a $115.00 target price on shares of Royal Bank of Canada in a research note on Sunday, December 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $95.33.
RY opened at $76.03 on Monday. Royal Bank of Canada has a twelve month low of $65.76 and a twelve month high of $81.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market capitalization of $109.14 billion, a P/E ratio of 11.64, a P/E/G ratio of 1.86 and a beta of 1.10.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its earnings results on Friday, February 22nd. The financial services provider reported $1.65 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.66 by ($0.01). Royal Bank of Canada had a return on equity of 17.52% and a net margin of 20.85%. The company had revenue of $8.70 billion during the quarter, compared to analyst estimates of $8.31 billion. During the same quarter last year, the firm posted $2.01 earnings per share. Equities analysts expect that Royal Bank of Canada will post 6.82 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Thursday, April 25th will be issued a dividend of $0.7704 per share. The ex-dividend date is Wednesday, April 24th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.75. This represents a $3.08 dividend on an annualized basis and a dividend yield of 4.05%. Royal Bank of Canada’s payout ratio is 43.95%.
About Royal Bank of Canada
Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.
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