Boomfish Wealth Group LLC Sells 1,009 Shares of Royal Bank of Canada (NYSE:RY)

Boomfish Wealth Group LLC reduced its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 7.9% during the 3rd quarter, Holdings Channel reports. The firm owned 11,698 shares of the financial services provider’s stock after selling 1,009 shares during the period. Boomfish Wealth Group LLC’s holdings in Royal Bank of Canada were worth $1,459,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Ridgewood Investments LLC acquired a new position in Royal Bank of Canada during the second quarter valued at approximately $27,000. Grove Bank & Trust bought a new position in shares of Royal Bank of Canada during the third quarter worth $28,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Royal Bank of Canada in the 2nd quarter valued at $33,000. Mather Group LLC. bought a new stake in shares of Royal Bank of Canada in the 1st quarter valued at $49,000. Finally, Nisa Investment Advisors LLC raised its stake in Royal Bank of Canada by 293.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock worth $54,000 after buying an additional 379 shares during the period. 45.31% of the stock is currently owned by institutional investors.

Royal Bank of Canada Stock Performance

RY opened at $123.44 on Tuesday. The company has a market capitalization of $174.68 billion, a price-to-earnings ratio of 15.32, a P/E/G ratio of 1.99 and a beta of 0.86. The business’s 50-day moving average price is $118.92 and its two-hundred day moving average price is $109.80. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $125.28. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. The business had revenue of $10.68 billion during the quarter, compared to the consensus estimate of $10.40 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. Equities analysts expect that Royal Bank of Canada will post 8.91 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.33%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 51.99%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. UBS Group started coverage on Royal Bank of Canada in a research note on Tuesday, July 2nd. They issued a “buy” rating for the company. BMO Capital Markets boosted 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 note on Saturday, July 20th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.