Connor Clark & Lunn Investment Management Ltd. Invests $2.26 Billion in Royal Bank Of Canada $RY

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 10,928,916 shares of the financial services provider’s stock, valued at approximately $2,260,820,000. Royal Bank Of Canada accounts for approximately 4.3% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its largest position.

Several other institutional investors also recently modified their holdings of RY. Echo45 Advisors LLC increased its holdings in Royal Bank Of Canada by 5.0% in the 1st quarter. Echo45 Advisors LLC now owns 1,258 shares of the financial services provider’s stock worth $204,000 after buying an additional 60 shares in the last quarter. Key Financial Inc boosted its holdings in shares of Royal Bank Of Canada by 63.0% during the 1st quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 63 shares during the last quarter. Apella Capital LLC raised its holdings in shares of Royal Bank Of Canada by 3.1% during the second quarter. Apella Capital LLC now owns 2,155 shares of the financial services provider’s stock valued at $451,000 after purchasing an additional 64 shares during the last quarter. Alta Capital Management LLC lifted its position in Royal Bank Of Canada by 4.0% during the fourth quarter. Alta Capital Management LLC now owns 1,686 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 65 shares during the period. Finally, Fiduciary Financial Group LLC lifted its position in Royal Bank Of Canada by 3.5% during the second quarter. Fiduciary Financial Group LLC now owns 2,026 shares of the financial services provider’s stock valued at $419,000 after purchasing an additional 68 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Barclays reaffirmed an “overweight” rating on shares of Royal Bank Of Canada in a research report on Friday. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a report on Wednesday. TD Securities restated a “buy” rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 12th. Weiss Ratings raised Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, July 29th. Finally, Raymond James Financial cut Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Stock Performance

Shares of NYSE RY opened at $204.86 on Monday. The firm has a 50 day moving average of $208.56 and a 200 day moving average of $186.79. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $284.06 billion, a price-to-earnings ratio of 18.41, a price-to-earnings-growth ratio of 1.54 and a beta of 0.80. Royal Bank Of Canada has a 12-month low of $135.97 and a 12-month high of $218.57.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.81 by $0.03. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The business had revenue of $12.84 billion during the quarter, compared to analysts’ expectations of $12.74 billion. During the same period in the prior year, the company earned $3.12 earnings per share. The firm’s revenue was up 11.4% on a year-over-year basis. On average, research analysts anticipate that Royal Bank Of Canada will post 11.59 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 Monday, August 24th. Stockholders of record on Monday, July 27th will be paid a $1.76 dividend. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date is Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 3.4%. Royal Bank Of Canada’s dividend payout ratio (DPR) is currently 44.56%.

About Royal Bank Of Canada

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.