Manitou Investment Management Ltd. Increases Stake in Royal Bank of Canada (NYSE:RY)

Manitou Investment Management Ltd. raised its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.1% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 13,440 shares of the financial services provider’s stock after purchasing an additional 410 shares during the period. Royal Bank of Canada accounts for approximately 0.3% of Manitou Investment Management Ltd.’s portfolio, making the stock its 22nd biggest holding. Manitou Investment Management Ltd.’s holdings in Royal Bank of Canada were worth $1,091,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in RY. Coastal Capital Group Inc. acquired a new stake in shares of Royal Bank of Canada during the 2nd quarter worth about $28,000. Capital Advisors Ltd. LLC acquired a new stake in shares of Royal Bank of Canada during the 2nd quarter worth about $32,000. Boston Partners acquired a new stake in shares of Royal Bank of Canada during the 2nd quarter worth about $50,000. Winslow Evans & Crocker Inc. increased its position in shares of Royal Bank of Canada by 34.3% during the 2nd quarter. Winslow Evans & Crocker Inc. now owns 806 shares of the financial services provider’s stock worth $64,000 after purchasing an additional 206 shares during the last quarter. Finally, CWM LLC increased its position in shares of Royal Bank of Canada by 140.0% during the 3rd quarter. CWM LLC now owns 804 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 469 shares during the last quarter. Institutional investors own 41.14% of the company’s stock.

A number of brokerages recently issued reports on RY. Scotiabank reissued a “buy” rating on shares of Royal Bank of Canada in a research report on Tuesday, August 20th. Zacks Investment Research downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Thursday. Barclays reaffirmed a “sell” rating on shares of Royal Bank of Canada in a research report on Wednesday, August 21st. Finally, ValuEngine downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $100.75.

NYSE RY traded down $0.24 during trading on Friday, hitting $82.02. The stock had a trading volume of 515,507 shares, compared to its average volume of 915,625. The company has a market capitalization of $117.88 billion, a PE ratio of 12.56, a PEG ratio of 2.06 and a beta of 1.12. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average price of $80.87 and a 200 day moving average price of $78.63. Royal Bank of Canada has a twelve month low of $65.76 and a twelve month high of $82.58.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Wednesday, August 21st. The financial services provider reported $1.69 earnings per share for the quarter, missing the consensus estimate of $1.73 by ($0.04). The firm had revenue of $11.54 billion during the quarter, compared to analyst estimates of $11.56 billion. Royal Bank of Canada had a net margin of 19.66% and a return on equity of 17.18%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.10 earnings per share. On average, sell-side analysts anticipate that Royal Bank of Canada will post 6.78 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be given a $0.796 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.76. This represents a $3.18 annualized dividend and a yield of 3.88%. The ex-dividend date of this dividend is Wednesday, October 23rd. Royal Bank of Canada’s payout ratio is currently 48.55%.

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 check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.

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

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