Diversify Advisory Services LLC Invests $863,000 in Royal Bank Of Canada $RY

Diversify Advisory Services LLC bought a new stake in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) during the 2nd quarter, HoldingsChannel.com reports. The firm bought 4,120 shares of the financial services provider’s stock, valued at approximately $863,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Royal Bank Of Canada in the 4th quarter worth approximately $3,472,382,000. Deutsche Bank AG acquired a new stake in Royal Bank Of Canada during the 2nd quarter valued at $540,037,000. Alberta Investment Management Corp bought a new position in Royal Bank Of Canada in the 4th quarter valued at $324,237,000. Assenagon Asset Management S.A. raised its position in Royal Bank Of Canada by 3,329.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,589,605 shares of the financial services provider’s stock valued at $329,002,000 after purchasing an additional 1,543,260 shares during the last quarter. Finally, BlackRock Inc. acquired a new position in Royal Bank Of Canada in the second quarter worth $303,751,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Analysts Set New Price Targets

RY has been the subject of a number of research analyst reports. Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Raymond James Financial lowered shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a research note on Wednesday. Weiss Ratings raised shares of Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, July 29th. Finally, TD Securities reissued a “buy” rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $225.00.

Royal Bank Of Canada Stock Performance

Shares of Royal Bank Of Canada stock opened at $205.27 on Friday. Royal Bank Of Canada has a 52 week low of $135.92 and a 52 week high of $218.57. The firm has a fifty day moving average of $208.46 and a two-hundred day moving average of $186.53. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market capitalization of $284.63 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 1.64 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.81 by $0.03. The firm had revenue of $12.84 billion for the quarter, compared to analysts’ expectations of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The company’s revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the business earned $3.12 earnings per share. As a group, equities research analysts predict that Royal Bank Of Canada will post 11.47 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be paid a dividend of $1.76 per share. This represents a $7.04 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, July 27th. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s dividend payout ratio (DPR) is 44.56%.

Royal Bank Of Canada 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.