Ritholtz Wealth Management Has $1.87 Million Stake in Royal Bank of Canada (NYSE:RY)

Ritholtz Wealth Management lifted its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 6.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,445 shares of the financial services provider’s stock after purchasing an additional 1,091 shares during the period. Ritholtz Wealth Management’s holdings in Royal Bank of Canada were worth $1,865,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of RY. Dixon Mitchell Investment Counsel Inc. raised its holdings in Royal Bank of Canada by 7.7% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 774,552 shares of the financial services provider’s stock worth $78,740,000 after purchasing an additional 55,291 shares during the period. Trust Co of the South acquired a new stake in shares of Royal Bank of Canada during the fourth quarter worth $2,510,000. Schechter Investment Advisors LLC raised its holdings in shares of Royal Bank of Canada by 11.1% during the fourth quarter. Schechter Investment Advisors LLC now owns 4,467 shares of the financial services provider’s stock worth $452,000 after acquiring an additional 447 shares during the period. Aprio Wealth Management LLC raised its holdings in shares of Royal Bank of Canada by 7.0% during the fourth quarter. Aprio Wealth Management LLC now owns 17,904 shares of the financial services provider’s stock worth $1,811,000 after acquiring an additional 1,166 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in Royal Bank of Canada by 163.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 160,595 shares of the financial services provider’s stock valued at $16,271,000 after purchasing an additional 99,523 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Barclays started coverage on shares of Royal Bank of Canada in a research report on Wednesday, March 20th. They issued an “equal weight” rating for the company. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. Bank of America upgraded shares of Royal Bank of Canada from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. Finally, Jefferies Financial Group assumed coverage on shares of Royal Bank of Canada in a research report on Thursday, February 22nd. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $131.50.

Royal Bank of Canada Trading Up 0.5 %

RY opened at $100.88 on Friday. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $102.07. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $142.71 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.72 and a beta of 0.86. The company’s 50 day moving average price is $98.37 and its two-hundred day moving average price is $92.99.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Wednesday, February 28th. The financial services provider reported $2.11 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.05. Royal Bank of Canada had a net margin of 12.43% and a return on equity of 14.74%. The company had revenue of $9.98 billion for the quarter, compared to analyst estimates of $10.10 billion. As a group, research analysts predict that Royal Bank of Canada will post 8.5 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Thursday, April 25th will be issued a dividend of $1.0207 per share. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.02. The ex-dividend date is Wednesday, April 24th. This represents a $4.08 annualized dividend and a yield of 4.05%. Royal Bank of Canada’s dividend payout ratio is presently 37.66%.

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.