Franklin Street Advisors Inc. NC Sells 1,965 Shares of Royal Bank of Canada (NYSE:RY)

Franklin Street Advisors Inc. NC trimmed its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 12.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,180 shares of the financial services provider’s stock after selling 1,965 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Royal Bank of Canada were worth $1,769,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Contravisory Investment Management Inc. acquired a new position in Royal Bank of Canada in the 3rd quarter valued at $230,000. Mountain Pacific Investment Advisers LLC raised its stake in Royal Bank of Canada by 19.9% in the third quarter. Mountain Pacific Investment Advisers LLC now owns 5,694 shares of the financial services provider’s stock valued at $710,000 after purchasing an additional 945 shares in the last quarter. Bruce G. Allen Investments LLC lifted its position in Royal Bank of Canada by 122.8% during the third quarter. Bruce G. Allen Investments LLC now owns 751 shares of the financial services provider’s stock worth $94,000 after purchasing an additional 414 shares during the period. Hexagon Capital Partners LLC lifted its position in Royal Bank of Canada by 13.8% during the third quarter. Hexagon Capital Partners LLC now owns 1,571 shares of the financial services provider’s stock worth $196,000 after purchasing an additional 191 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its stake in Royal Bank of Canada by 1.2% during the third quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 27,247 shares of the financial services provider’s stock worth $3,399,000 after buying an additional 331 shares in the last quarter. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Performance

NYSE RY traded up $0.84 during trading hours on Friday, reaching $122.31. 22,273 shares of the company were exchanged, compared to its average volume of 1,043,831. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $125.28. The business’s 50 day simple moving average is $118.24 and its 200-day simple moving average is $109.34. The stock has a market capitalization of $172.91 billion, a P/E ratio of 14.69, a P/E/G ratio of 1.99 and a beta of 0.86. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 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 firm had revenue of $10.68 billion for the quarter, compared to analysts’ expectations of $10.40 billion. On average, equities research analysts expect that Royal Bank of Canada will post 8.97 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be given a $1.028 dividend. This represents a $4.11 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 50.18%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on RY shares. BMO Capital Markets increased their price objective on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. UBS Group started coverage on Royal Bank of Canada in a report on Tuesday, July 2nd. They issued a “buy” rating on the stock. Finally, StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Royal Bank of Canada presently has an average rating of “Moderate Buy” and a consensus target price of $142.50.

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.