Richard P Slaughter Associates Inc increased its stake in shares of Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) by 4.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 14,581 shares of the financial services provider’s stock after purchasing an additional 569 shares during the period. Richard P Slaughter Associates Inc’s holdings in Royal Bank of Canada were worth $1,393,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Toronto Dominion Bank boosted its position in shares of Royal Bank of Canada by 10.6% during the 1st quarter. Toronto Dominion Bank now owns 21,119,042 shares of the financial services provider’s stock worth $2,023,058,000 after purchasing an additional 2,029,807 shares during the period. National Bank of Canada FI boosted its position in Royal Bank of Canada by 5.1% in the 1st quarter. National Bank of Canada FI now owns 18,183,866 shares of the financial services provider’s stock valued at $1,737,263,000 after buying an additional 890,328 shares during the period. Norges Bank purchased a new position in Royal Bank of Canada in the 4th quarter valued at approximately $1,583,609,000. FMR LLC boosted its position in Royal Bank of Canada by 8.4% in the 1st quarter. FMR LLC now owns 15,683,269 shares of the financial services provider’s stock valued at $1,499,860,000 after buying an additional 1,211,281 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in Royal Bank of Canada by 1.1% in the fourth quarter. CIBC Asset Management Inc now owns 12,739,836 shares of the financial services provider’s stock valued at $1,198,003,000 after purchasing an additional 135,640 shares during the period. Hedge funds and other institutional investors own 42.02% of the company’s stock.
Analysts Set New Price Targets
RY has been the subject of several analyst reports. Credit Suisse Group boosted their target price on Royal Bank of Canada from $138.00 to $139.00 and gave the stock an “outperform” rating in a research note on Friday, August 25th. Barclays boosted their target price on Royal Bank of Canada from $122.00 to $124.00 and gave the stock an “underweight” rating in a research note on Monday, August 21st. Finally, StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Thursday, September 7th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $138.60.
Royal Bank of Canada Trading Up 1.5 %
NYSE:RY opened at $91.32 on Friday. The stock has a 50-day simple moving average of $93.67 and a 200-day simple moving average of $94.98. The stock has a market cap of $127.50 billion, a P/E ratio of 11.84, a P/E/G ratio of 1.80 and a beta of 0.84. Royal Bank of Canada has a 1 year low of $83.63 and a 1 year high of $104.72. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.90.
Royal Bank of Canada Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Thursday, October 26th will be given a dividend of $1.019 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.00. This represents a $4.08 annualized dividend and a dividend yield of 4.46%. The ex-dividend date of this dividend is Wednesday, October 25th. Royal Bank of Canada’s dividend payout ratio is currently 51.75%.
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.
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