Addenda Capital Inc. Cuts Position in Royal Bank of Canada (NYSE:RY)

Addenda Capital Inc. reduced its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 821,206 shares of the financial services provider’s stock after selling 14,813 shares during the period. Royal Bank of Canada accounts for 3.9% of Addenda Capital Inc.’s portfolio, making the stock its 4th largest position. Addenda Capital Inc. owned approximately 0.06% of Royal Bank of Canada worth $82,843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of RY. First Horizon Advisors Inc. increased its stake in shares of Royal Bank of Canada by 64.7% in the 4th quarter. First Horizon Advisors Inc. now owns 471 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 185 shares in the last quarter. Mather Group LLC. purchased a new position in shares of Royal Bank of Canada during the first quarter valued at approximately $49,000. Addison Advisors LLC boosted its position in shares of Royal Bank of Canada by 131.0% in the 4th quarter. Addison Advisors LLC now owns 529 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 300 shares in the last quarter. Heritage Wealth Advisors purchased a new stake in shares of Royal Bank of Canada in the 4th quarter worth approximately $61,000. Finally, EverSource Wealth Advisors LLC increased its position in Royal Bank of Canada by 192.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 716 shares of the financial services provider’s stock valued at $72,000 after buying an additional 471 shares in the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Barclays initiated coverage on Royal Bank of Canada in a report on Wednesday, March 20th. They issued an “equal weight” rating on the stock. Jefferies Financial Group raised shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Argus lifted their target price on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Scotiabank upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. Finally, StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, May 31st. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Royal Bank of Canada has an average rating of “Moderate Buy” and an average price target of $133.25.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock traded up $0.27 during midday trading on Friday, reaching $106.40. 632,918 shares of the company traded hands, compared to its average volume of 1,094,020. Royal Bank of Canada has a 12 month low of $77.90 and a 12 month high of $109.51. 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 business has a 50 day moving average of $103.86 and a two-hundred day moving average of $100.67. The firm has a market capitalization of $150.56 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 1.66 and a beta of 0.87.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Thursday, May 30th. The financial services provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $10.43 billion during the quarter, compared to analyst estimates of $9.95 billion. Royal Bank of Canada had a net margin of 12.12% and a return on equity of 14.87%. As a group, research analysts predict that Royal Bank of Canada will post 8.47 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Thursday, July 25th will be given a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 3.87%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.02. The ex-dividend date is Thursday, July 25th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 50.62%.

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.