Y Intercept Hong Kong Ltd Invests $6.89 Million in Royal Bank Of Canada $RY

Y Intercept Hong Kong Ltd purchased a new stake in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) during the first quarter, HoldingsChannel.com reports. The institutional investor purchased 42,583 shares of the financial services provider’s stock, valued at approximately $6,889,000.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Royal Bank Of Canada by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider’s stock worth $11,529,165,000 after buying an additional 1,290,142 shares in the last quarter. FIL Ltd lifted its stake in Royal Bank Of Canada by 1.1% during the 4th quarter. FIL Ltd now owns 23,258,871 shares of the financial services provider’s stock valued at $3,965,133,000 after acquiring an additional 255,465 shares during the period. Norges Bank bought a new position in Royal Bank Of Canada during the 4th quarter valued at about $3,472,382,000. Bank of Nova Scotia lifted its stake in Royal Bank Of Canada by 1.6% during the 4th quarter. Bank of Nova Scotia now owns 15,233,532 shares of the financial services provider’s stock valued at $2,596,904,000 after acquiring an additional 238,589 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Royal Bank Of Canada by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider’s stock valued at $2,389,773,000 after acquiring an additional 882,253 shares during the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on RY shares. Raymond James Financial downgraded shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. Argus set a $225.00 price target on Royal Bank Of Canada in a report on Thursday, June 11th. Weiss Ratings downgraded Royal Bank Of Canada from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Monday, June 29th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Finally, Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $225.00.

Royal Bank Of Canada Stock Performance

RY opened at $204.64 on Friday. The company’s 50 day moving average is $191.45 and its 200 day moving average is $176.46. 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 company has a market cap of $284.39 billion, a price-to-earnings ratio of 18.39, a PEG ratio of 1.62 and a beta of 0.80. Royal Bank Of Canada has a 12-month low of $127.38 and a 12-month high of $209.37.

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, equities research analysts predict that Royal Bank Of Canada will post 11.45 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be given a dividend of $1.76 per share. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, July 27th. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s payout ratio is presently 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.