Summit Global Investments Decreases Holdings in Royal Bank of Canada (NYSE:RY)

Summit Global Investments reduced its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 27.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,206 shares of the financial services provider’s stock after selling 1,189 shares during the period. Summit Global Investments’ holdings in Royal Bank of Canada were worth $324,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Royal Bank of Canada by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 53,127,219 shares of the financial services provider’s stock worth $4,645,444,000 after acquiring an additional 717,971 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Royal Bank of Canada by 5.4% during the fourth quarter. Mackenzie Financial Corp now owns 26,869,809 shares of the financial services provider’s stock valued at $2,718,631,000 after purchasing an additional 1,369,723 shares during the last quarter. Bank of Nova Scotia boosted its position in shares of Royal Bank of Canada by 13.0% in the 3rd quarter. Bank of Nova Scotia now owns 26,666,961 shares of the financial services provider’s stock worth $2,330,506,000 after purchasing an additional 3,062,038 shares in the last quarter. CIBC Asset Management Inc grew its stake in shares of Royal Bank of Canada by 0.9% in the 3rd quarter. CIBC Asset Management Inc now owns 12,413,445 shares of the financial services provider’s stock worth $1,088,176,000 after buying an additional 106,757 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Royal Bank of Canada by 1.6% during the 3rd quarter. Wellington Management Group LLP now owns 10,590,914 shares of the financial services provider’s stock valued at $929,810,000 after buying an additional 166,968 shares in the last quarter. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Up 2.0 %

RY opened at $101.17 on Monday. The stock has a market capitalization of $143.13 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 1.74 and a beta of 0.86. The firm has a 50 day moving average price of $99.16 and a 200-day moving average price of $95.37. Royal Bank of Canada has a twelve month low of $77.90 and a twelve month high of $103.88. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Wednesday, February 28th. The financial services provider reported $2.11 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $9.98 billion for the quarter, compared to analysts’ expectations of $10.10 billion. Equities research analysts forecast that Royal Bank of Canada will post 8.45 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Thursday, April 25th will be paid a $1.0207 dividend. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $4.08 annualized dividend and a dividend yield of 4.04%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.02. Royal Bank of Canada’s dividend payout ratio (DPR) is 25.31%.

Wall Street Analyst Weigh In

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

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.