Gateway Wealth Partners LLC Invests $576,000 in Royal Bank Of Canada $RY

Gateway Wealth Partners LLC purchased a new position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,563 shares of the financial services provider’s stock, valued at approximately $576,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RY. Florida Trust Wealth Management Co grew its holdings in shares of Royal Bank Of Canada by 2.8% during the 4th quarter. Florida Trust Wealth Management Co now owns 2,190 shares of the financial services provider’s stock valued at $373,000 after acquiring an additional 60 shares in the last quarter. Echo45 Advisors LLC raised its holdings in shares of Royal Bank Of Canada by 5.0% during the first quarter. Echo45 Advisors LLC now owns 1,258 shares of the financial services provider’s stock worth $204,000 after acquiring an additional 60 shares in the last quarter. Key Financial Inc raised its holdings in shares of Royal Bank Of Canada by 63.0% during the first quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 63 shares in the last quarter. Alta Capital Management LLC boosted its position in Royal Bank Of Canada by 4.0% during the fourth quarter. Alta Capital Management LLC now owns 1,686 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 65 shares during the last quarter. Finally, Aspen Grove Capital LLC boosted its position in Royal Bank Of Canada by 0.3% during the first quarter. Aspen Grove Capital LLC now owns 26,506 shares of the financial services provider’s stock valued at $4,288,000 after purchasing an additional 69 shares during the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank Of Canada Trading Up 1.8%

Shares of NYSE:RY opened at $210.10 on Friday. The stock has a market capitalization of $291.33 billion, a PE ratio of 18.88, a P/E/G ratio of 1.64 and a beta of 0.80. Royal Bank Of Canada has a 1 year low of $127.38 and a 1 year high of $218.57. The firm has a fifty day moving average price of $202.79 and a 200 day moving average price of $181.99. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its earnings results on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, topping the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The firm had revenue of $12.84 billion for the quarter, compared to the consensus estimate of $12.74 billion. During the same period in the prior year, the business posted $3.12 earnings per share. The business’s quarterly revenue was up 11.4% on a year-over-year basis. Analysts expect that Royal Bank Of Canada will post 11.41 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

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

Analyst Ratings Changes

RY has been the topic of a number of recent research reports. Argus set a $225.00 target price on Royal Bank Of Canada in a research note on Thursday, June 11th. Weiss Ratings raised Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Raymond James Financial cut Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 12th. Finally, TD Securities restated a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.00.

Royal Bank Of Canada Company 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.