Royal Bank of Canada (NYSE:RY) Stake Lowered by Truist Financial Corp

Truist Financial Corp cut its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 113,654 shares of the financial services provider’s stock after selling 351 shares during the quarter. Truist Financial Corp’s holdings in Royal Bank of Canada were worth $11,494,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Royal Bank of Canada by 3.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 480,825 shares of the financial services provider’s stock valued at $48,863,000 after acquiring an additional 15,041 shares during the last quarter. Triasima Portfolio Management inc. boosted its holdings in Royal Bank of Canada by 5.5% in the fourth quarter. Triasima Portfolio Management inc. now owns 984,891 shares of the financial services provider’s stock worth $99,785,000 after purchasing an additional 50,995 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Royal Bank of Canada by 163.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 160,595 shares of the financial services provider’s stock worth $16,271,000 after buying an additional 99,523 shares during the last quarter. Addenda Capital Inc. raised its holdings in Royal Bank of Canada by 2.1% during the fourth quarter. Addenda Capital Inc. now owns 836,019 shares of the financial services provider’s stock valued at $84,547,000 after buying an additional 16,964 shares in the last quarter. Finally, Galibier Capital Management Ltd. lifted its position in shares of Royal Bank of Canada by 8,119.3% in the fourth quarter. Galibier Capital Management Ltd. now owns 321,376 shares of the financial services provider’s stock worth $32,659,000 after buying an additional 317,466 shares during the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank of Canada Trading Up 0.6 %

Shares of Royal Bank of Canada stock opened at $97.38 on Thursday. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $103.88. The company’s fifty day simple moving average is $99.09 and its 200-day simple moving average is $95.07. The company has a market cap of $137.77 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 1.67 and a beta of 0.85. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Wednesday, February 28th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.05. The company had revenue of $9.98 billion for the quarter, compared to analyst estimates of $10.10 billion. Royal Bank of Canada had a net margin of 12.43% and a return on equity of 14.74%. As a group, sell-side analysts expect that Royal Bank of Canada will post 8.45 EPS for the current year.

Royal Bank of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Thursday, April 25th will be paid a dividend of $1.0207 per share. This represents a $4.08 annualized dividend and a yield of 4.19%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.02. The ex-dividend date of this dividend is Wednesday, April 24th. Royal Bank of Canada’s payout ratio is currently 25.31%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on RY shares. BMO Capital Markets upgraded Royal Bank of Canada from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $140.00 to $150.00 in a research note on Friday, April 5th. Jefferies Financial Group initiated coverage on shares of Royal Bank of Canada in a report on Thursday, February 22nd. They issued a “hold” rating on the stock. Barclays assumed coverage on shares of Royal Bank of Canada in a report on Wednesday, March 20th. They set an “equal weight” rating for the company. Finally, StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Royal Bank of Canada currently has a consensus rating of “Hold” and a consensus target price of $137.67.

Royal Bank of Canada 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.