Royal Bank of Canada (NYSE:RY) Stock Position Trimmed by Canoe Financial LP

Canoe Financial LP cut its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 5.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,214,397 shares of the financial services provider’s stock after selling 76,615 shares during the quarter. Royal Bank of Canada comprises approximately 3.6% of Canoe Financial LP’s portfolio, making the stock its 8th biggest holding. Canoe Financial LP owned approximately 0.09% of Royal Bank of Canada worth $150,810,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Park Avenue Securities LLC raised its holdings in shares of Royal Bank of Canada by 10.3% in the 1st quarter. Park Avenue Securities LLC now owns 2,769 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 259 shares during the period. Hexagon Capital Partners LLC raised its holdings in shares of Royal Bank of Canada by 32.9% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,269 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 314 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Royal Bank of Canada in the 1st quarter worth about $86,000. Applied Capital LLC FL raised its holdings in shares of Royal Bank of Canada by 0.8% in the 1st quarter. Applied Capital LLC FL now owns 17,148 shares of the financial services provider’s stock worth $1,730,000 after purchasing an additional 142 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. raised its holdings in shares of Royal Bank of Canada by 1.4% in the 1st quarter. Dixon Mitchell Investment Counsel Inc. now owns 785,633 shares of the financial services provider’s stock worth $79,315,000 after purchasing an additional 11,081 shares during the period. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on RY. BMO Capital Markets raised 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. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Finally, UBS Group assumed coverage on Royal Bank of Canada in a research note on Tuesday, July 2nd. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Price Performance

Shares of RY opened at $122.46 on Monday. The firm has a market cap of $173.29 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 2.05 and a beta of 0.86. The stock has a 50 day moving average of $121.75 and a 200-day moving average of $111.30. 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 52 week low of $77.90 and a 52 week high of $126.96.

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

About Royal Bank of Canada

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.