Sumitomo Life Insurance Co. Takes $3.04 Million Position in Royal Bank Of Canada $RY

Sumitomo Life Insurance Co. bought a new position in Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the second quarter, Holdings Channel.com reports. The institutional investor bought 14,674 shares of the financial services provider’s stock, valued at approximately $3,037,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RY. Korea Investment CORP purchased a new stake in Royal Bank Of Canada in the second quarter valued at about $175,489,000. EP Wealth Advisors LLC acquired a new position in Royal Bank Of Canada during the second quarter valued at $679,000. Ieq Capital LLC acquired a new stake in Royal Bank Of Canada during the second quarter worth about $4,122,000. Callan Family Office LLC purchased a new position in shares of Royal Bank Of Canada during the 2nd quarter valued at approximately $1,014,000. Finally, Keating Financial Advisory Services Inc. acquired a new position in shares of Royal Bank Of Canada in the second quarter worth about $47,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. TD Securities reissued a “buy” rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a report on Wednesday. Argus set a $225.00 target price on shares of Royal Bank Of Canada in a report on Thursday, June 11th. Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Finally, 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. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five 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 Stock Down 0.2%

Royal Bank Of Canada stock opened at $204.86 on Friday. Royal Bank Of Canada has a twelve month low of $135.97 and a twelve month high of $218.57. The stock has a 50 day moving average of $208.56 and a two-hundred day moving average of $186.66. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $284.06 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 1.62 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.03. The company had revenue of $12.84 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the business posted $3.12 EPS. As a group, research analysts expect that Royal Bank Of Canada will post 11.47 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be given a $1.76 dividend. This is a positive change 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 dividend on an annualized basis and a yield of 3.4%. Royal Bank Of Canada’s payout ratio is 44.56%.

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.