Busey Bank Sells 1,413 Shares of Royal Bank of Canada (NYSE:RY)

Busey Bank trimmed its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 32.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,987 shares of the financial services provider’s stock after selling 1,413 shares during the quarter. Busey Bank’s holdings in Royal Bank of Canada were worth $373,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of RY. National Bank of Canada FI lifted its position in shares of Royal Bank of Canada by 16.7% in the second quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock valued at $2,141,681,000 after buying an additional 2,901,033 shares during the last quarter. Capital World Investors lifted its position in shares of Royal Bank of Canada by 75.0% in the first quarter. Capital World Investors now owns 6,320,246 shares of the financial services provider’s stock valued at $637,460,000 after buying an additional 2,708,534 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Royal Bank of Canada by 40.5% in the first quarter. Canada Pension Plan Investment Board now owns 5,039,171 shares of the financial services provider’s stock valued at $508,739,000 after buying an additional 1,452,127 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Royal Bank of Canada in the third quarter valued at approximately $153,217,000. Finally, Vanguard Group Inc. lifted its position in shares of Royal Bank of Canada by 1.8% in the first quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider’s stock valued at $5,618,566,000 after buying an additional 964,898 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. UBS Group assumed coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They issued a “buy” rating for the company. BMO Capital Markets raised their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada currently has an average rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Stock Performance

NYSE:RY opened at $122.47 on Friday. The stock has a market cap of $173.30 billion, a P/E ratio of 15.19, a PEG ratio of 2.05 and a beta of 0.86. The stock has a 50 day simple moving average of $121.53 and a 200 day simple moving average of $111.04. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. Royal Bank of Canada has a 1-year low of $77.90 and a 1-year high of $126.96.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.23. The business had revenue of $10.68 billion during the quarter, compared to analysts’ expectations of $10.40 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. Research analysts anticipate that Royal Bank of Canada will post 8.91 earnings per share 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. Shareholders of record on Thursday, October 24th will be issued a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 annualized dividend and a yield of 3.36%. Royal Bank of Canada’s dividend payout ratio is presently 51.99%.

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.