Cumberland Partners Ltd Acquires 5,103 Shares of Royal Bank of Canada (NYSE:RY)

Cumberland Partners Ltd grew its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 408,530 shares of the financial services provider’s stock after purchasing an additional 5,103 shares during the quarter. Royal Bank of Canada accounts for 3.5% of Cumberland Partners Ltd’s portfolio, making the stock its 5th largest position. Cumberland Partners Ltd’s holdings in Royal Bank of Canada were worth $51,039,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Capital Performance Advisors LLP acquired a new position in shares of Royal Bank of Canada during the 3rd quarter valued at $25,000. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Royal Bank of Canada by 110.3% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 118 shares in the last quarter. Grove Bank & Trust bought a new stake in shares of Royal Bank of Canada during the 3rd quarter worth $28,000. Ridgewood Investments LLC bought a new stake in shares of Royal Bank of Canada during the 2nd quarter worth $27,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in shares of Royal Bank of Canada during the 2nd quarter worth $33,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Down 0.4 %

RY traded down $0.49 during trading on Tuesday, reaching $123.55. 31,245 shares of the stock traded hands, compared to its average volume of 1,070,058. The stock has a market cap of $174.66 billion, a price-to-earnings ratio of 15.00, a price-to-earnings-growth ratio of 1.89 and a beta of 0.86. Royal Bank of Canada has a fifty-two week low of $84.28 and a fifty-two week high of $126.96. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The stock’s 50-day simple moving average is $123.26 and its two-hundred day simple moving average is $113.24.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.23. The company had revenue of $10.68 billion for the quarter, compared to analyst estimates of $10.40 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. As a group, equities research analysts expect that Royal Bank of Canada will post 8.88 EPS for the current year.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be paid a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.33%. Royal Bank of Canada’s payout ratio is 50.67%.

Wall Street Analyst Weigh In

RY has been the subject of several research reports. BMO Capital Markets raised their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.