Cidel Asset Management Inc. Raises Stock Position in Royal Bank Of Canada $RY

Cidel Asset Management Inc. raised its position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 88.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 553,471 shares of the financial services provider’s stock after purchasing an additional 260,118 shares during the period. Royal Bank Of Canada accounts for approximately 4.9% of Cidel Asset Management Inc.’s holdings, making the stock its biggest position. Cidel Asset Management Inc.’s holdings in Royal Bank Of Canada were worth $89,190,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC boosted its position in shares of Royal Bank Of Canada by 33.1% during the fourth quarter. Brighton Jones LLC now owns 2,313 shares of the financial services provider’s stock worth $279,000 after buying an additional 575 shares during the period. AQR Capital Management LLC boosted its position in Royal Bank Of Canada by 60.9% during the 1st quarter. AQR Capital Management LLC now owns 11,779 shares of the financial services provider’s stock worth $1,321,000 after acquiring an additional 4,460 shares during the period. Sivia Capital Partners LLC grew its stake in shares of Royal Bank Of Canada by 57.7% in the second quarter. Sivia Capital Partners LLC now owns 5,284 shares of the financial services provider’s stock worth $695,000 after purchasing an additional 1,934 shares in the last quarter. Baird Financial Group Inc. grew its stake in shares of Royal Bank Of Canada by 39.1% in the second quarter. Baird Financial Group Inc. now owns 13,555 shares of the financial services provider’s stock worth $1,783,000 after purchasing an additional 3,811 shares in the last quarter. Finally, Cerity Partners LLC increased its holdings in shares of Royal Bank Of Canada by 9.0% during the second quarter. Cerity Partners LLC now owns 47,721 shares of the financial services provider’s stock valued at $6,279,000 after purchasing an additional 3,928 shares during the period. Institutional investors own 45.31% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on RY. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research report on Thursday, June 11th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Finally, Weiss Ratings upgraded shares of Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Stock Performance

Shares of RY opened at $202.73 on Wednesday. The firm’s 50 day moving average is $186.93 and its 200-day moving average is $174.25. The stock has a market capitalization of $281.74 billion, a P/E ratio of 18.21, a P/E/G ratio of 1.60 and a beta of 0.81. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. Royal Bank Of Canada has a 12-month low of $127.38 and a 12-month high of $203.29.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.81 by $0.03. The firm had revenue of $12.84 billion during the quarter, compared to analysts’ expectations of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.83%. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period last year, the firm posted $3.12 earnings per share. Equities research analysts anticipate that Royal Bank Of Canada will post 11.52 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be paid a dividend of $1.76 per share. The ex-dividend date of this dividend is Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 3.5%. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s dividend payout ratio is 42.41%.

Royal Bank Of Canada Profile

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.