Drive Wealth Management LLC Buys 92 Shares of Royal Bank of Canada (NYSE:RY)

Drive Wealth Management LLC increased its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,799 shares of the financial services provider’s stock after acquiring an additional 92 shares during the quarter. Drive Wealth Management LLC’s holdings in Royal Bank of Canada were worth $349,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several research analysts have recently commented on RY shares. BMO Capital Markets boosted their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. TD Securities lowered shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Royal Bank of Canada has a consensus rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at $122.45 on Tuesday. The company has a market capitalization of $173.10 billion, a P/E ratio of 14.81, a PEG ratio of 1.86 and a beta of 0.86. Royal Bank of Canada has a fifty-two week low of $85.02 and a fifty-two week high of $126.96. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a 50 day moving average price of $123.36 and a two-hundred day moving average price of $114.12.

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

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be issued a dividend of $1.028 per share. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.36%. Royal Bank of Canada’s dividend payout ratio (DPR) is 50.79%.

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.