Drive Wealth Management LLC Makes New Investment in Royal Bank of Canada (NYSE:RY)

Drive Wealth Management LLC purchased a new position in shares of Royal Bank of Canada (NYSE:RYFree Report) (TSE:RY) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,498 shares of the financial services provider’s stock, valued at approximately $253,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RY. Banque Cantonale Vaudoise acquired a new stake in shares of Royal Bank of Canada in the third quarter valued at about $26,000. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of Royal Bank of Canada in the third quarter valued at about $34,000. Money Concepts Capital Corp acquired a new stake in shares of Royal Bank of Canada in the fourth quarter valued at about $38,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Royal Bank of Canada in the third quarter valued at about $44,000. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new stake in shares of Royal Bank of Canada in the third quarter valued at about $66,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RY has been the subject of a number of recent research reports. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Tuesday, February 6th. Bank of America raised Royal Bank of Canada from a “neutral” rating to a “buy” rating in a report on Monday, December 18th. Jefferies Financial Group initiated coverage on Royal Bank of Canada in a report on Thursday, February 22nd. They issued a “hold” rating for the company. Finally, Barclays initiated coverage on Royal Bank of Canada in a report on Wednesday, March 20th. They issued an “equal weight” rating for the company. One equities research 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 stock has a consensus rating of “Hold” and a consensus price target of $131.50.

Get Our Latest Report on Royal Bank of Canada

Royal Bank of Canada Trading Down 0.7 %

Shares of RY opened at $99.60 on Wednesday. The company has a market capitalization of $140.90 billion, a P/E ratio of 12.54, a P/E/G ratio of 1.72 and a beta of 0.86. Royal Bank of Canada has a one year low of $77.90 and a one year high of $102.07. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a 50-day moving average price of $98.48 and a 200 day moving average price of $93.24.

Royal Bank of Canada (NYSE:RYGet Free Report) (TSE:RY) last issued its earnings results on Wednesday, February 28th. The financial services provider reported $2.11 EPS for the quarter, topping the consensus estimate of $2.06 by $0.05. The company had revenue of $9.98 billion during the quarter, compared to analyst estimates of $10.10 billion. Royal Bank of Canada had a return on equity of 14.74% and a net margin of 12.43%. Sell-side analysts forecast that Royal Bank of Canada will post 8.5 EPS for the current fiscal year.

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Thursday, April 25th will be given a $1.0207 dividend. This is a positive change 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 dividend yield of 4.10%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 37.66%.

Royal Bank of Canada Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

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